The Central Bank of Nigeria (CBN) on Tuesday released guidelines for its “Production and Productivity” initiative, through the “100 projects for EVERY 100 ...
According to The Nihon Keizai Shimbun (Nikkei), one of the world’s largest financial newspapers and the entity behind the Nikkei 225 stock index, Japan’s ...
Expansion Aims to Enable Organizations to Accelerate Digital Transformation throughout Africa Equinix, Inc.(www.Equinix.com) (Nasdaq: EQIX), the world’s digital infrastructure company™, today announced its expansion into Africa ...
The partnership will enable SACCOs to efficiently manage their Human Resource operations in one platform Digital banking fintech startup Kwara (www.Kwara.com) has partnered ...
The total number of Bank Verification Numbers (BVN) so far issued by concerned financial service institutions in Nigeria has climbed to 51.19 million ...
According to the Securities and Exchange Commission (SEC), 60% of the financially-excluded in Nigeria are adults under the age of 35, implying that ...
The Asset Management Corporation of Nigeria (AMCON) has concluded arrangements to publish the full list of the names of individuals, institutions as well ...
Zimbabwe’s President Emmerson Mnangagwa has signed into law the ‘dreaded’ and controversial Cyber Security and Data Protection Bill, which passed through the Senate ...
Ecobank Group, the leading pan-African banking group, announces that Jubril Mobolaji Lawal has been appointed as Regional Executive and Managing Director designate of ...
These loans are part of financial support packages concluded with EU partner countries struggling with financial, economic, societal challenges, to help with structural political and economic reforms
AL BORG, Egypt, April 2, 2025/APO Group/ --
On Tuesday, MEPs approved two proposals granting Jordan and Egypt loans worth €500 million and €4 billion respectively.
The macro-financial assistance (MFA) for Egypt was adopted by Parliament by 452 votes in favour, 182 against and 40 abstentions. The MFA for Jordan was passed by 571 votes in favour, 59 against and 46 abstentions.
Given Egypt’s critical economic and financial situation and its role as an important stabilising presence amid geopolitical tensions in an increasingly volatile region, the Commission proposed to support the country on 15 March 2024 with macro-financial assistance in the form of loans worth up to €5 billion. These break down into a short-term loan of up to €1 billion – already disbursed at the end of 2024 – and another, regular, loan of up to €4 billion to be disbursed in three instalments. Parliament approved the proposal.
For Jordan this is the fourth MFA effort by the EU since 2013. It should help cover the country’s residual financing needs, support its structural reforms, and shore up its fiscal consolidation efforts. In January 2025, the Commission announced an additional financial package to help Jordan deal with existing financial and other challenges.
A pre-condition for the EU granting financial assistance shall be that Jordan respects effective democratic mechanisms – including a multi-party parliamentary system – and the rule of law, and guarantees for respect of human rights.
« This vote underlines Parliament's support for our partners. The money for Jordan can be delivered quickly, and Parliament will enter into negotiations with member states on the proposal for Egypt with a strong mandate to make a swift agreement. Helping our partners means promoting European interests in an unstable region.”
Next steps
The MFA package for Jordan now needs to be formally approved by the Council before it can take effect. On financial aid for Egypt, negotiations between Council and Parliament are expected to start soon.
Background
These loans are part of financial support packages concluded with EU partner countries struggling with financial, economic, societal challenges, to help with structural political and economic reforms.
Distributed by APO Group on behalf of Delegation of the European Union to Egypt.