Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Search of Air Algerie crash site continues

Read more

MEDIAWATCH

Sarkozy, Hollande and the scooter wars

Read more

MEDIAWATCH

Confusion online over Air Algérie flight

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014

Read more

REPORTERS

Halal tourism on the rise

Read more

ENCORE!

Tunisia's Carthage International Festival turns 50

Read more

FRANCE IN FOCUS

WWI Centenary: the battle for Verdun

Read more

THE BUSINESS INTERVIEW

When big companies want to do good

Read more

  • Limited 12-hour humanitarian truce takes effect in Gaza

    Read more

  • Video: No investigation apparent at MH17 crash site

    Read more

  • In pictures: Devastation, debris at Air Algérie crash site

    Read more

  • Paris bans new Gaza protest scheduled for Saturday

    Read more

  • Kerry due in Paris for new round of Gaza ceasefire talks

    Read more

  • Washington Post reporter and his wife arrested in Iran

    Read more

  • French families grieve for Algerian plane crash victims

    Read more

  • Lithuania’s Navardauskas wins 19th stage of Tour de France

    Read more

  • LA Times wipes France off the map in air crash infographic

    Read more

  • Fans electrify the mood as Tour de France crosses the Pyrenees

    Read more

  • French lawyer files complaint against Israel at ICC

    Read more

  • Protest against Gaza offensive turns deadly in West Bank

    Read more

  • Halal tourism on the rise

    Read more

  • Ukraine names acting PM after Yatseniuk's shock resignation

    Read more

  • BNP to pay $80 million for defrauding Dept of Agriculture

    Read more

  • Deadly strike on UN shelter in Gaza Strip

    Read more

  • Pope meets Christian woman sentenced to death in Sudan

    Read more

Africa

European Union agrees to €5 billion aid package for Egypt

Text by News Wires

Latest update : 2012-11-15

The EU will send a €5 billion aid package to Egypt to help rebuild the economy, it was announced Wednesday, in a deal finalised in Cairo between Egypt’s President Mohamed Morsi and the EU's Foreign Policy Chief Catherine Ashton.

The European Union has approved a 5.0 billion euro ($6.4 billion) financial aid package to Egypt after its economy was battered by a 2011 uprising that toppled Hosni Mubarak, the presidency said on Wednesday.
              
The European Investment Bank will grant Egypt 2.0 billion euros and the European Bank for Reconstruction and Development a further 2.0 billion euros, while EU countries will come up with 1.0 billion euros, the presidency said.
              
The announcement came after President Mohamed Morsi met EU foreign policy chief Catherine Ashton in Cairo.
              
It is "a strong sign of the EU's support for Egypt's path to development," the presidency said in a statement.
              
Ashton, who attended a meeting of EU and Arab foreign ministers on Tuesday, is also participating in the EU-Egypt task force which aims at bolstering economic relations between Egypt and Europe.
              
Representatives of around 100 large European companies and members of the European Commission and European MPs are participating in the meetings that wrap up later on Wednesday.
              
Egyptian Finance Minister Mumtaz Said said last week that Egypt may reach a loan deal with the International Monetary Fund next month for $4.5 billion, instead of the $4.8 that Cairo had hoped for.
              
Following a visit by IMF Managing Director Christine Lagarde in August,  officials started working on a proposed plan to support the economy, which has been beset by serious difficulties since the 2011 uprising.
              
Political instability has badly affected Egypt's major revenue earner, tourism, and has led to a drop in foreign investments, worsened the budget deficit and sparked social conflict.
              
The central bank's currency reserves plunged, threatening Egypt's ability to import commodities and support the Egyptian pound.

(AFP)

Date created : 2012-11-14

  • EGYPT

    Egypt's Salafists rally in Cairo to call for Islamic law

    Read more

  • EGYPT

    Egypt's Coptic Christians choose new pope

    Read more

  • EGYPT

    Morsi backtracks on sacking Egypt's top prosecutor

    Read more

COMMENT(S)