Following up on the request Egyptian President Mohammed Morsi made in mid-September, on Wednesday the European Union approved a $6.4 billion (5 billion euro) aid package for Egypt.
Morsi said in a statement that the deal is “a strong sign of the EU’s support for Egypt’s path to development.”
Two billion euros will come from the European Investment bank, and another two billion from the European Bank for Reconstruction and Development, the BBC said. The rest will be provided by EU member states.
The apparent eagerness to invest by the Europeans was met by a determination on the Egyptian side to prove that the investments will be worth it. “The message that Egypt needs to send to the outside world is that it is capable of protecting foreign investment,” said Evangelos Dairetzi, the Greek Counsellor for Economic and Commercial Affairs, to Daily News Egypt. “Egypt, just like Greece, is socially flexible; it has a long history and has been through many changes, but Egyptians still adapt. This is why I am very optimistic that Egypt will survive the current stumbling blocks.”
Full article: European Union Agrees To Invest Billions In Egyptian Economy (International Business Times)