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FINANCIAL NEWS
EU to give Egypt USD1.3b assistance
16 Sep 2012
(MENAFN) EU leaders pledged more than USD1.3 billion aid for Egypt, in addition to better trade terms as President Muhammad Mursi made his first visit to Brussels, Arab News reported.
Welcoming the first ever visit by an Egyptian leader to Brussels, and Mursi’s first foray into Europe, European Union President Herman Van Rompuy pledged that the EU would stand by Egypt “as a friend, a neighbour and a partner.”
Previously, European Commission chief Jose Barroso vowed to help “build a democratic, free, open, prosperous Egypt.”
He said the EU will grant Egypt USD589.34 million aid to support 2011-2013, affirming that the bloc is “willing to do much more”.
Barroso also offered an additional USD640 million, on condition Egypt gets the USD4.8 billion loan from the International Monetary Fund (IMF), and budget support of USD196.9-USD262.5 million for the country’s economic recovery.
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BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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