The European Union intends to fast-track some of its aid money to Egypt using an urgent funding procedure that bypasses parliamentary oversight and other safeguards, according to the president of the bloc’s executive branch.
The 1 billion euros ($1.1 billion) intended for this is part of a larger package of 7.4 billion euros ($8 billion) in financial assistance to the North African country that the EU announced on March 17.
Egypt has for years relied on cash handouts, often from wealthy Gulf Arab states, as concerns mount that economic pressure and regional conflicts could drive more migrants from the region to Europe’s shores.
The EU package includes three year’s worth of grants and favorable loans for the Arab world’s most populous country. Most of the funds — 5 billion euros ($5.4 billion) — are known as macro-financial assistance, or MFA, and would be paid directly to Egypt’s Central Bank.
