LOC23:43
20:43 GMT
BRUSSELS, Oct 22 (KUNA) -- The European Union announced on Wednesday a new financial aid package for Egypt worth EUR four billion (USD 4.6 billion).
The aid came under agreements signed during the first-ever EU-Egypt Summit held in Brussels in the presence of Egyptian President Abdelfattah Al-Sisi, European Commission President Ursula von der Leyen, and European Council President Antonio Costa.
The EU Commission explained in a press release that the package includes concessional loans to support Egypt's economic reform program, enhance financial stability, improve the business environment, and advance the green transition.
Von der Leyen noted that the partnership between the EU and Egypt is "stronger than ever," stressing that the summit 'opens a new chapter of deep political and economic cooperation."
Other agreements include a EUR-75-million grant to support social and economic reforms and improve essential services, as well as an agreement for Egypt to join the 'Horizon Europe' program for research and innovation cooperation.
Von der Leyen affirmed at the conclusion of the summit that the agreements "reflect the EU's commitment to supporting Egypt's economic stability and strengthening its vital role in ensuring the security and stability of the Mediterranean region". (end)
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