The European Union is readying a 7.4 billion euro ($8.08 billion) package aimed at shoring up Egypt's economy amid fear that conflict in Gaza and Sudan could exacerbate financial trouble in the country.
The economic situation in Egypt is poor © Mena Today
The European Union is readying a 7.4 billion euro ($8.08 billion) package aimed at shoring up Egypt's economy amid fear that conflict in Gaza and Sudan could exacerbate financial trouble in the country, the Financial Times reported on Wednesday.
European Commission President Ursula von der Leyen will travel to Cairo on Sunday with the Greek, Italian and Belgian prime ministers to finalize and announce an agreement, the newspaper reported.
Moroccan Foreign Minister Nasser Bourita received his Egyptian counterpart, Badr Abdelatty, on Wednesday in Rabat. The visit, marked by warm diplomatic exchange, included the delivery of a written message from Egyptian President Abdel Fattah El-Sisi to His Majesty King Mohammed VI.
Egypt will introduce a new Investment Guarantee Mechanism in June in partnership with the European Union, aiming to offer guarantees worth €1.8 billion, announced Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation.
Destroyed bridges, blackouts, empty water stations and looted hospitals across Sudan bear witness to the devastating impact on infrastructure from two years of war.
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