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EU pledges Egypt 1 billion euros in financial aid

FILE PHOTO: European Union flags fly outside theÊEuropean Commission headquarters in Brussels

BRUSSELS (Reuters) - The EU on Friday said it would provide Egypt with 1 billion euros ($1.07 billion) in short-term financial aid to help stabilise the country's economy.

Egypt agreed last month to an expanded $8 billion support programme with the International Monetary Fund and a deal with the EU worth billions to boost cooperation and help curb migration, as it is struggling with a prolonged economic crisis linked to chronic foreign currency shortages.

The 1 billion euros in short-term aid is part of a bigger package worth 5 billion euros in loans, the statement said. Another 4 billion euros were scheduled as longer-term assistance over the period 2024-2027, but still had to be adopted by the bloc's 27 members.

The loan is meant to address Cairo's deteriorating fiscal situation and financial needs, notably after the outbreak of the Gaza war, the Houthi attacks in the Red Sea and the repercussions of Russia’s war of aggression against Ukraine, the statement said.

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As a precondition Egypt should continue to make "concrete and credible steps towards respecting effective democratic mechanisms (including a multi-party parliamentary system) and the rule of law and guaranteeing respect for human rights," the statement said.

($1 = 0.9387 euros)

(Writing by Nette Nöstlinger; editing by Bart Meijer)