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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