EU financial package: A mix of grants and loans for Egypt

Hatem Saleh, Egypt’s industry and foreign trade minister, and Antonio Tajani, European Commission vice president in charge of industry and entrepreneurship, at the EU-Egypt Task Force Business Summit. The European Union is expected to announce a financial package for Egypt, which includes two programs worth $152.3 million. Photo by: European Commission

The European Union is expected to announce a huge financial package for Egypt at the first EU-Egypt Task Force meeting in Cairo on Nov. 14, including two programs worth €120 million ($152.3 million).

EU Special Representative for the Southern Mediterranean region Bernardino León did not reveal the exact amount of the whole package, but he told Egyptian news agency MENA it will come in the form of grants and loans, Ahram Online reports.

The financial package will be used in the areas of food security, infrastructure and technology transfer, according to León. Prior to the event, the European Commission approved a €70 million program for job creation, and a €50 million program for technical and vocational training in Egypt.

The funding will “not be disbursed instantaneously,” León said. “Many deals will have to be signed first.”

The task force was created to help Egypt address its economic and political challenges. Business and tourism summits where EU companies had the opportunity to meet with Egyptian authorities were held in Cairo Tuesday (Nov. 13). The summits, which were part of the task force, aimed to boost investment in the country.

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About the author

  • Jenny Lei Ravelo

    Jenny Lei Ravelo is a Devex Senior Reporter based in Manila. She covers global health, with a particular focus on the World Health Organization, and other development and humanitarian aid trends in Asia Pacific. Prior to Devex, she wrote for ABS-CBN, one of the largest broadcasting networks in the Philippines, and was a copy editor for various international scientific journals. She received her journalism degree from the University of Santo Tomas.

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