Cairo: Egypt announced on Saturday its anticipation of receiving pound 1.5 billion ($1.77 billion) from the European Union in the coming days as part of a comprehensive pound 7.4 billion financial support package. The announcement was made during a joint news conference held in Cairo featuring Egyptian Foreign Minister Badr Abdelatty and EU Commissioner for the Mediterranean Dubravka Suica.

According to Anadolu Agency, Abdelatty highlighted Suica's visit as a sign of the strengthening relations between Egypt and the EU, emphasizing discussions centered on enhancing economic and investment cooperation and the implementation of the EU support package. The package includes pound 5 billion earmarked for general budget support for Egypt.

Abdelatty noted that the EU has already disbursed pound 2 billion, with the remaining pound 3 billion set to be released in two installments. Egypt is poised to receive the first pound 1.5 billion tranche imminently, with hopes that the second installment will follow next autumn. The funds are intended to aid Egypt in mitigating the effects of regional and international crises.

Furthermore, Abdelatty disclosed that Egypt has suffered a loss of approximately $10.5 billion in Suez Canal revenue due to regional instability and disruptions impacting Red Sea shipping routes. Suica affirmed the EU's commitment to releasing the pound 1.5 billion as part of the agreed package, describing Egypt as an "indispensable partner" for Mediterranean stability.

In December 2024, the European Commission announced the allocation of pound 1 billion to Egypt under the larger financial and economic support framework. The package also comprises pound 1.8 billion in investment guarantees for European and Egyptian enterprises, along with pound 600 million for technical assistance, training, and capacity building initiatives extending through the end of 2026.