The European Union will provide macroeconomic assistance of $ 4 billion in Egypt following an agreement between the 27 Member States and the European Parliament, the European Council announced Monday.

This macroeconomic assistance, in the form of loans, will allow Egypt, in conjunction with an International Monetary Fund (IMF) program, to meet part of its financial needs, the European Council said in a press release.

The disbursement of this macroeconomic aid is associated with ‘Satisfactory progresses’ The implementation of both the measures provided for by the IMF program in the period 2024-2027, and additional measures that will be agreed by the European Commission and Cairo, always in the announcement.

The agreement remains to be officially approved by the 27 and the European Parliament.

Macroeconomic assistance is provided by the EU in selected countries facing serious financial problems, supplementing with the IMF support.

The European Union and Egypt had signed in March 2024 bilateral agreement ‘Corporate Relationship Strategic’ which included a promise of a total funding of € 7.4 billion, including a macroeconomic aid of € 5 billion. The first installment of € 1 billion was given in April 2024.