Egypt is pressing ahead with negotiations for the second phase of a €4 billion macro-financial assistance (MFA) package from the European Union, with a high-level European delegation set to visit Cairo later this month, a government statement said Tuesday. The update follows a virtual meeting between Egypt's Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat and Annika Eriksgård, Director for International economic and financial relations and global governance at the European Commission. The discussions focused on the structural reforms tied to the financial support, which aim to bolster macroeconomic stability, enhance the business environment, and accelerate Egypt's green transition. Minister Al-Mashat said the upcoming EU mission would hold meetings with Egyptian authorities to finalise procedures for disbursing the second tranche of the MFA package. "This track is crucial for Egypt's economic strategy as we deepen partnerships with international allies to meet national development priorities and advance business-friendly reforms," Minister Al-Mashat said. The MFA programme is part of a broader €5 billion EU support package for Egypt, announced after a bilateral summit in March last year that upgraded relations to a strategic partnership. In December, the EU approved the first €1 billion tranche. Egypt is also working with the EU on additional investment guarantees and mechanisms to encourage private sector involvement and increase resilience in the country's economic structure. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
