Abu dhabi: The European Commission has disbursed pound 1.5 billion to Egypt as part of a pound 4 billion macro-financial assistance (MFA) programme aimed at supporting the country’s economic stability and reform efforts. The payment, made on July 24, represents the second of three planned instalments under the programme.

According to Emirates News Agency, Egypt met the required conditions to receive the funding, including implementing economic reforms, maintaining its programme with the International Monetary Fund (IMF), and taking steps toward democratic reforms. The financial assistance is being provided in the form of concessional loans to help cover part of Egypt’s financing needs, preserve macroeconomic stability, and support the continuation of economic reforms.

The ongoing pound 4 billion MFA programme to Egypt, together with the short-term MFA of pound 1 billion disbursed at the end of 2024, forms a fundamental part of the EU-Egypt Strategic Comprehensive Partnership concluded in March 2024, totalling pound 5 billion in MFA support.