The European Union plans to expedite $1.1 billion in aid to Egypt through an urgent funding procedure, bypassing parliamentary oversight and other safeguards.
The European Union intends to fast-track some of its aid money to Egypt using an urgent funding procedure that bypasses parliamentary oversight and other safeguards, according to the president of the bloc’s executive branch. The $1.1 billion intended for this is part of a larger package of $8 billion in financial assistance to the North African country that the EU announced on March 17.
The EU package includes three year's worth of grants and favorable loans for the Arab world’s most populous country. Most of the funds — $5.4 billion — are known as macro-financial assistance, or MFA, and would be paid directly to Egypt’s Central Bank. It's rare for the EU to sidestep safeguards, but European Parliament elections are due June 6-9 — a timeline that if the checks were implemented, would slow the delivery of that money.
Von der Leyen blamed 'a very large exposure to the economic effects of Russia ’s full-scale war of aggression on Ukraine, the wars in Gaza and Sudan, and the Houthi attacks in the Red Sea,' and said it was 'imperative to make sure that a first significant contribution' would get to Egypt by the end of 2024.
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