The European Parliament’s International Trade Committee has approved financial assistance proposals for Egypt and Jordan, totaling €500 million for Jordan and €4 billion for Egypt. This aid aims to address economic challenges and enhance stability in a delicate geopolitical environment. The next vote will occur in April 2025, pending final approvals from both Parliament and Council.
On Thursday, the International Trade Committee of the European Parliament approved proposals to grant financial assistance to Jordan and Egypt. Specifically, €500 million will be allocated to Jordan and €4 billion to Egypt to assist in addressing their respective economic challenges.
The macro-financial assistance (MFA) for Egypt received approval with a vote of 28 in favor and 7 against, with 5 abstentions. In contrast, the MFA for Jordan passed overwhelmingly with 35 votes in favor, 2 against, and 3 abstentions, marking significant support for both nations.
Egypt’s MFA, proposed by the Commission on March 15, aims to address its acute economic distress and support its strategic role in a tense geopolitical milieu. This package comprises a short-term loan of up to €1 billion, already disbursed, coupled with another €4 billion offered in three installments.
For Jordan, this marks the fourth MFA operation since 2013, designed to meet its financing needs, bolster structural reforms, and facilitate fiscal stability. The Commission announced further financial support in January to help Jordan navigate its ongoing challenges.
Celine Imart, the rapporteur from France, emphasized the significance of the Committee’s decision, stating that “this Parliament’s high regard for Egypt as a partner country” reflects both humanitarian and strategic interests. She also expressed satisfaction with the assistance for Jordan and the strengthening of EU-Jordan partnerships.
Moving forward, both proposals will be presented for a vote in the plenary session scheduled for April 2025. Adoption by both Parliament and Council is necessary before these financial aids become operational.
These financial packages aim to support EU partner countries facing economic hardships and are intended to aid in implementing necessary political and economic reforms, underscoring Europe’s commitment to fostering stability and cooperation in the region.
The European Parliament’s International Trade Committee has taken a crucial step in backing financial assistance for Jordan and Egypt, totaling €500 million and €4 billion respectively. This support is aimed at addressing pressing economic challenges while fostering stability in a volatile geopolitical landscape. The next phase involves parliamentary approval in April 2025, marking a significant move towards enhanced cooperation with these partner countries.
Original Source: europeansting.com
