Some 1 million Egyptians stand to benefit from a €100 million ($144 million) aid package from the European Union. With its approval of funds, EU joins other donors who are supporting democracy initiatives in Egypt.
The aid package aims to support Egypt’s move toward “more democracy and shared prosperity.” It targets to improve the living conditions of Cairo dwellers — 60 percent of whom live in slums — create more jobs and promote the use of sustainable energy.
The EU aid package will involve improving the quality of Egypt’s exports as well as the country’s regulatory environment for such. This intervention is expected to create jobs and lower food prices. The assistance also involves promoting renewable energy resources and cutting down on greenhouse gases.
Egypt has been the recipient of a wave of loans and grants from donors in recent weeks. In August alone, the country has accepted an assistance package consisting of loans and grants from the World Bank, a loan from the African Development Bank and debt relief from Germany. The U.S. government has also agreed to a compromise with the Egyptian government on distributing aid to civil society.
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