Egypt, European Parliament probe €4B financing under MFA package
Updated 1/12/2025 10:08:00 AM
Arab Finance: Egypt discussed the second phase worth €4 billion of the Macro-Financial Assistance (MFA) package with the European Parliament, as per an official statement.
This was discussed during a meeting between Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat and Rapporteur of the second tranche of the MFA package at the European Parliament's International Trade Committee Céline Emard.
The assistance aims to back budget deficits and boost cooperation with the European Union (EU) to finance renewable energy programs.
The financing will focus on macroeconomic support policies, reinforcing private sector participation, and encouraging green investments.
The two officials also tackled major developments for the Egyptian-European cooperation in 2024, including the issuance of the joint declaration elevating the partnership, the approval of a €7.4 billion financial package, and the receipt of the €1 billion first tranche of the MFA mechanism.
The minister also highlighted the positive developments in gross domestic product (GDP) growth during the first quarter (Q1) of the fiscal year (FY) 2024/2025, which reached 3.5%.
She also discussed key areas of cooperation under the current programs that support various sectors, including transport, water, agriculture, SMEs, renewable energy, social protection, and more.
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