The European Parliament’s International Trade Committee approved €500 million for Jordan and €4 billion for Egypt as macro-financial assistance. The voting was in favor by strong margins, reflecting the importance of these countries amid regional instability. Both proposals require final approval in April 2025 before funds can be disbursed.
The European Parliament’s International Trade Committee has approved proposals to provide macro-financial assistance to Egypt and Jordan, amounting to €500 million and €4 billion, respectively. The proposal for Egypt garnered support with 28 votes in favor, while 35 voted in favor of Jordan’s assistance. The funding aims to address the financial needs of these countries amidst regional instability.
The European Commission proposed to assist Egypt with a total of €5 billion in loans, given its critical financial situation and geopolitical role. This includes an immediate payment of up to €1 billion and subsequent disbursement of €4 billion in three separate installments. The International Trade Committee has approved this latter operation.
Jordan’s assistance marks its fourth macro-financial operation since 2013, aimed at addressing residual financing needs, supporting structural reforms, and enhancing fiscal consolidation. In addition, the Commission had earlier announced further support for Jordan to help tackle its financial challenges.
Celine Imart, the rapporteur, stated, “The International Trade Committee’s backing for this EU loan reflects this Parliament’s high regard for Egypt as a partner country. By helping Egypt, we are also looking after EU interests in an unstable region.” She emphasized the importance of endorsement for Jordan as part of building a new partnership.
Both proposals will be voted on in the upcoming plenary session of April 2025, with the financial assistance requiring adoption from both Parliament and the Council before being released. These loans are integral components of broader financial support initiatives aimed at assisting EU partner countries in overcoming various economic challenges.
The European Parliament’s approval of financial assistance for Egypt and Jordan demonstrates a strategic move to stabilize these countries amidst regional turmoil. With significant loans aimed at fostering economic reforms, both nations are poised to receive essential support to address their financial responsibilities. The next steps involve parliamentary votes scheduled for April 2025 to finalize these agreements.
Original Source: europeansting.com
