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Egypt to receive €240M as 1st tranche from EU under MIP

Egypt to receive €240M as 1st tranche from EU under MIP

Arab Finance: The European Union (EU) will provide Egypt with €240 million as the first tranche for the period from 2021 until 2024 under the 2021-2027 Multi-Annual Indicative Program (MIP), according to an official statement on June 20th.

The tranche will be used to support green and sustainable development in Egypt, as well as human development, economic resilience, and digital transformation.

Under the program, Egypt and the EU will work jointly on long-term sustainable socio-economic recovery, in addition to the execution of the Economic and Investment Plan’s initiatives of the New Agenda for the Mediterranean, which was launched to strengthen EU's strategic partnership in the region.

Moreover, the two sides will collaborate to reinforce bilateral trade relations and investments, along with encouraging Egypt’s further integration into regional and global value chains.

This came in on the sidelines of the 9th meeting of the Association Council of the EU and Egypt, which took place in Luxembourg on June 19th.

President of the European Commission Ursula von der Leyen announced on June 15th that the EU will support Egypt’s food security with an immediate relief of €100 million to provide finance for rural businesses and farmers.

 

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