The European Union has pledged 1 billion euros ($1.07 billion) in short-term financial aid to Egypt to support its economy. This aid is part of a larger package of $5.3 billion in loans, with an additional $4.2 billion scheduled for longer-term assistance from 2024 to 2027. Egypt is required to demonstrate tangible progress in upholding democratic principles and respecting human rights as a precondition for receiving financial support.
The aid aims to stabilize Egypt's economy amidst foreign currency shortages and other challenges, complementing recent agreements with the International Monetary Fund and the EU. However, it comes with conditions, including commitments to democratic governance and human rights.