DUBAI: Egypt expects to receive €1.5 billion ($1.72 billion) from the European Union in the coming days, the first of two remaining tranches of a €5 billion macro-financial assistance package, Foreign Minister Badr Abdelatty said on Saturday. Speaking at a press conference in Egypt’s new administrative capital alongside European Commissioner for the Mediterranean Dubravka Suica, Abdelatty said the outstanding €3 billion would be disbursed in two equal tranches of €1.5 billion each. He said Cairo hoped the last payment would be transferred by the start of the autumn.

It is part a $5.7 billion EU macro-financial assistance package within the framework of Europe’s strategy to stabilise Egypt's economy.

Egypt said on July 4 it expects to receive 1.5 billion euros ($1.77 billion) from the EU within days as part of a broader 7.4 billion-euro financial support package.

DUBAI: Egypt expects to receive €1.5 billion ($1.72 billion) from the European Union in the coming days, the first of two remaining tranches of a €5 billion macro-financial…