Egypt Expects 1.5 Billion Euro EU Payment Within Days

Egypt is set to receive a 1.5 billion euro payment from the European Union within the coming days. Foreign Minister Badr Abdelatty announced the upcoming disbursement during a joint press conference with European Commissioner for the Mediterranean Dubravka Šuica in Cairo's new administrative capital.

This payment is the first of two remaining installments in a 5 billion euro macro-financial budget support package. The EU has already disbursed 2 billion euros, leaving 3 billion euros to be paid in two equal tranches. Cairo expects the final 1.5 billion euro transfer by early autumn. The broader 7.4 billion euro funding deal established in 2024 also includes 1.8 billion euros in investment guarantees and 600 million euros for technical assistance.

The funding aims to mitigate economic pressures on Egypt, including a 10.5 billion dollar loss in Suez Canal revenues resulting from regional instability and shipping disruptions in the Red Sea. Additionally, the EU provided 62 million euros in grants for child protection programs implemented by UNICEF and sanitation projects in Kafr El-Sheikh. Separately, the International Monetary Fund has given preliminary approval for a 1.64 billion dollar financing package to further support the Egyptian economy.