Cairo: Egypt has received pound 1 billion in financial support from the European Union (EU) as part of a 2024 partnership agreement aimed at bolstering the nation’s economic stability and governance. The European Commission disbursed the funds on Thursday, marking the second installment of a total pound 5 billion package.
According to News Agency of Nigeria, the funding is intended to enhance economic stability, promote democracy and sustainability, and uphold the rule of law in Egypt. European Commission President Ursula von der Leyen emphasized that the funds are directed towards the areas most in need, highlighting Egypt’s commitment to economic reforms and democratic processes.
The disbursement was contingent on Egypt implementing several reforms, including measures to stabilize its economy and progress towards effective democratic mechanisms. The nation has also adhered to the reform requirements set by the International Monetary Fund (IMF), according to a press release.
Von der Leyen further noted that the disbursement underscores Egypt’s efforts to build a stronger and more sustainable economy. Despite these positive steps, the EU’s cooperation with Egypt on issues such as migration has faced criticism from human rights organizations.
Activists argue that since Egypt began closer cooperation with Brussels, the suppression of dissenting voices has persisted. Critics continue to face arbitrary arrests and harsh sentences in trials deemed unfair, while the practice of extrajudicial executions occurs with near impunity.