CAIRO, April 1 (MENA) - Egypt has expressed its profound appreciation for the European Parliament’s adoption of the first reading of the decision to release the second tranche of the European Union's financial support package, worth 4 billion euros.

This significant decision by the EP, which garnered widespread support from various political groups, underscores the EU's recognition and commitment to Egypt’s strategic partnership, according to a statement released by the Ministry of Foreign Affairs, Emigration and Egyptian Expatriates. This partnership was officially solidified in March 2024 with the signing of an agreement between President Abdel Fattah El Sisi and European Commission President Ursula von der Leyen, followed by the convocation by the 1st Egypt-EU Investment Conference in Cairo in June 2024, it said.

The approval of the second tranche also acknowledges Egypt’s vital role in promoting peace and stability in the Middle East, South Mediterranean, and Africa, while reinforcing the EU’s dedication to supporting Egypt’s ongoing development and modernization efforts, it added.

European Parliament President Roberta Metsola called Minister of Foreign Affairs, Emigration and Egyptian Expatriates Badr Abdelatty Tuesday to congratulate him on the positive vote and to express her appreciation for Egypt’s contribution to regional security. She also requested that he convey her greetings to President Sisi. In response, the top diplomat conveyed Egypt’s deep gratitude for the European Parliament’s decision, highlighting the strong, evolving strategic relationship between Egypt and the EU.

In recent months, Egypt has engaged in intensive discussions with various EU institutions to ensure continued support for its multifaceted partnership with the European bloc. These talks have focused on strengthening key political, economic, and security areas that align with the mutual strategic interests of both Egypt and the EU. High-level visits by members of the European Parliament and EU officials, including those from the Budget, Foreign Affairs, and International Trade Committees, have been instrumental in furthering these objectives. These visits provided a comprehensive understanding of Egypt’s ongoing political, economic, and social modernization efforts.

This approval follows the successful disbursement of the first tranche of 1 billion euros in December 2024, after extensive discussions within the EU. The next steps include the European Council's approval at the ambassadorial level, followed by a series of consultations between the European Parliament, the European Council, and the European Commission, leading to the final adoption of the decision in the coming weeks.

The total value of the EU's financial support package to Egypt amounts to 7.4 billion euros, allocated over the period until 2027. This comprehensive package includes 5 billion euros in budgetary support, 1.8 billion euros in investment guarantees aimed at encouraging both European and Egyptian companies to invest in Egypt, and approximately 600 million euros designated for training, technical assistance, and capacity-building programs.
(MENA)
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