Open

Coming up

Don't miss

Replay


LATEST SHOWS

FOCUS

Cleaning up Thailand's shady surrogacy industry

Read more

ENCORE!

The Biennale des Antiquaires: Where Miro meets million-dollar jewellery and antiques

Read more

THE OBSERVERS

Attacks on migrants in Tangiers and unwelcome stares from men in Cairo

Read more

AFRICA NEWS

Ebola virus: US to send 3,000 troops to West Africa

Read more

IN THE PAPERS

France looks on as Scotland votes

Read more

FACE-OFF

Manuel Valls: A weakened Prime minister?

Read more

BUSINESS DAILY

Jack Ma, the man behind Alibaba's record stock market debut

Read more

DEBATE

If Scotland Says 'Aye': Polls Say Indpendence Referendum Too Close to Call

Read more

DEBATE

If Scotland Says 'Aye': Polls Say Independence Referendum Too Close to Call (part 2)

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)