EU plans to fast-track €1B ($1.1B) financial aid to Egypt, bypassing parliamentary oversight, for addressing migration and regional conflict concerns.
The EU plans to fast-track €1B ($1.1B) of financial aid to Egypt, bypassing usual parliamentary oversight and safeguards. This urgent funding procedure is part of a €7.4B ($8B) financial assistance package announced to address concerns over migration and regional conflicts potentially driving more migrants to Europe. The EU's package includes three years' worth of grants and favorable loans for Egypt, with most of the funds ($5.4B) being macro-financial assistance (MFA) paid directly to Egypt's Central Bank. The decision to bypass safeguards aims to expedite aid for Egypt, which is experiencing economic instability and is a strategic partner for the EU.
March 29, 2024
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