Egypt expects €1.5B EU payment within days under support package

Egypt said Saturday it expects to receive €1.5 billion ($1.77 billion) from the EU within days as part of a broader €7.4 billion financial support package.

The announcement came during a joint news conference in Cairo between Egyptian Foreign Minister Badr Abdelatty and EU Commissioner for the Mediterranean Dubravka Suica.

Abdelatty said Suica's visit reflects growing momentum in Egypt-EU relations, with talks focusing on expanding economic and investment cooperation and implementing the EU support package.

He said the package includes €5 billion in general budget support for Egypt.

According to Abdelatty, the EU has already disbursed €2 billion, while the remaining €3 billion will be released in two installments.

He said Cairo expects to receive the first €1.5 billion tranche in the coming days and expressed hope that the second installment will be transferred next autumn.

Abdelatty said the funds would help Egypt address the impact of regional and international crises.

He added that Egypt has lost around $10.5 billion in Suez Canal revenue because of regional instability and disruptions to Red Sea shipping.

Suica confirmed the EU would release the €1.5 billion as part of the agreed package, describing Egypt as an "indispensable partner" for stability in the Mediterranean.

In December 2024, the European Commission announced the disbursement of €1 billion to Egypt under the broader financial and economic support package.

The package also includes €1.8 billion in investment guarantees for European and Egyptian companies, along with €600 million for technical assistance, training and capacity building through the end of 2026.