Cairo: Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat welcomed the European Parliament’s approval of the 2nd pound 4 billion tranche of the macro-financial assistance (MFA) to Egypt at its plenary session on Tuesday.

According to State Information Service Egypt, Mashat hailed the European Parliament’s overwhelming support for the resolution as demonstrating Egypt’s strong relations with the European Union, and a mutual commitment to implement the strategic partnership declared in March by President Abdel Fattah El Sisi and President of the European Commission Ursula von der Leyen.

She stated that the competent authorities in Egypt are expected to hold intensive coordination meetings with the European side over the upcoming period to implement the provisions of the economic segment of the Strategic and Comprehensive Partnership between Egypt and the European Union, and complete the structural reform package under the 2nd tranche of the MFA.

The MFA is directed towards three main goals, namely achieving macroeconomic stability and resilience, improving competitiveness and business environment, and stimulating green transition, which falls within the framework of Egypt’s structural reform program.

Earlier today, the European Parliament approved two proposals granting Egypt and Jordan loans worth pound 4 billion and pound 500 million, respectively. The macro-financial assistance (MFA) for Egypt was adopted by the EP by 452 votes in favor, 182 against and 40 abstentions.