European Union Agrees To Invest Billions In Egyptian Economy

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. Continue reading