Cairo/ Hussein al-Qabbani/ Anadolu

Egypt announced on Saturday that it expects to receive 1.5 billion euros in the coming days, as part of the comprehensive financial support package from the European Union, worth 7.4 billion euros.

This came in statements by Egyptian Foreign Minister Badr Abdelatty during a press conference with EU Commissioner for the Mediterranean Dubravka Suica, who is currently visiting Cairo on an unannounced duration visit.

Abdelatty said that Suica's visit comes within the momentum witnessed in relations between Egypt and the European Union.

He explained that the discussions covered ways to enhance economic and investment cooperation between the two sides, and the implementation of the European financial support package allocated to Egypt, worth 7.4 billion euros, of which 5 billion euros are allocated to support the general budget.

He added that the European Union has already disbursed 2 billion euros of the package, with the remaining 3 billion euros of the budget support allocations to be transferred in two installments, expecting the first tranche of 1.5 billion euros to be disbursed in the coming days.

He expressed hope that the second tranche, worth 1.5 billion euros, would be disbursed next fall to help face the repercussions of regional and international crises.

Abdelatty pointed out that Egypt incurred losses of about 10.5 billion dollars due to the decline in Suez Canal revenues because of regional unrest and the impact on navigation in the Red Sea.

For her part, Suica said that the European Union will disburse 1.5 billion euros to Egypt as a new payment under the agreed financial support package, stressing that Cairo is an 'indispensable partner' for the stability of the Mediterranean region.

She added that relations between Egypt and the European Union are witnessing a positive phase of cooperation and coordination.

In December 2024, the European Commission announced the disbursement of 1 billion euros to Egypt as part of an overall financial and economic support package of 7.4 billion euros.

The European package includes 5 billion euros to support the general budget, 1.8 billion euros in the form of investment guarantees for European and Egyptian companies, in addition to 600 million euros allocated for technical support, training, and capacity building, with the allocations to be disbursed until the end of 2026.