Egypt is expected to receive a new €1 billion tranche from the European Union’s financial support package in the near future, according to Foreign Affairs, Emigration and Expatriates Minister Badr Abdelatty.
Speaking at a joint press conference with EU High Representative for Foreign Affairs and Security Policy Kaja Kallas, Abdelatty said the upcoming disbursement would be part of a broader €5 billion macro-financial assistance package agreed between Egypt and the EU. Egypt has already received an initial €1 billion tranche under the program.
Abdelatty noted that the second €1 billion tranche is expected “very soon,” following Egypt’s successful completion of the fifth and sixth reviews of its economic reform program with the International Monetary Fund.
The foreign minister emphasized the strength and depth of relations between Egypt and the European Union, highlighting that bilateral ties were elevated to a comprehensive strategic partnership nearly two years ago.
Looking ahead, Abdelatty said the Egyptian government is focused on boosting trade exchange and expanding cooperation with EU member states in ways that serve mutual interests and support Egypt’s national economy.
He also reaffirmed Egypt’s openness to European investments in the renewable and new energy sectors, particularly in light of ongoing electricity interconnection projects linking Egypt with Europe through Greece, as well as a similar power linkage project with Italy.
For her part, Kallas stressed that Europe maintains strategic relations with Egypt and is keen to further strengthen them in the coming period. She added that the European Union supports the economic reform measures implemented by Egypt over the past two years.
Foreign Minister Badr Abdelatty
