Egypt and the European Union signed a €4 billion memorandum of understanding on Thursday for the second phase of the bloc's macro-financial assistance and budget support programme, aimed at bolstering Egypt's economic reform agenda and resilience to external shocks. The deal was signed during the Egypt–EU Summit in Brussels and witnessed by Egyptian President Abdel Fattah El-Sisi, European Commission President Ursula von der Leyen, and European Council President António Costa. Planning Minister Rania al-Mashat said the programme is part of a wider strategic partnership between Egypt and the EU focused on trade, investment, and macroeconomic stability. She said the second phase followed a year-long coordination process between Egyptian institutions and the European Commission to develop a structural reform matrix comprising 87 reforms under Egypt's National Structural Reform Programme. The reforms are designed to strengthen macroeconomic stability, enhance competitiveness, improve the business climate, and advance the green transition — including protection of the Red Sea ecosystem, al-Mashat added. She said the financing package would also help extend debt maturities, improve debt sustainability, and narrow the country's financing gap. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
