RIYADH: Egypt and the EU have signed a €4 billion ($4.63 billion) agreement to launch the second phase of the Macro-Financial Assistance and Budget Support Mechanism, aimed at strengthening the country’s macroeconomic resilience.
The agreement was signed during the Egyptian-European Summit in Brussels and witnessed by President Abdel Fattah El-Sisi, European Commission President Ursula von der Leyen, and European Council President Antonio Costa.
On the Egyptian side, the MoU was signed by Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat, alongside Valdis Dombrovskis, European Commissioner for Economy and Productivity.
Al-Mashat said the MFA is part of a broader partnership between Egypt and the EU, focusing on trade and investment ties to support fiscal stability and economic growth.
The agreement comes as Egypt recorded a historic high of $8.5 billion in dollar resources in July, reflecting improved economic indicators, including rising remittances from abroad.
