Egypt’s Parliament approves €1B MoU with EU for economy stabilization

Egypt’s House of Representatives approved on Monday, December 2, a Memorandum of understanding (MOU) with the European Union, securing a €1 billion financial support mechanism aimed at stabilizing the Egyptian economy and bolstering the national budget, according to the Ministry of Planning, Economic Development, and International Cooperation.

This funding is part of a broader €7.4 billion financial package unveiled during the Egyptian-European summit in March. The primary goal of the EU’s contribution is to strengthen Egypt’s economic stability, foster investment and trade, and support structural reforms that encourage private sector growth and advance the country’s green transformation.

Earlier in June, Egypt signed the first phase of this budget support financing, worth €1 billion, at the Egyptian-European Investment Conference.