EU approves $6.4bn financial support package for Egypt

EU approves $6.4bn financial support package for Egypt

PanARMENIAN.Net - The European Union has approved a 5bn-euro ($6.4bn) financial support package for Egypt, Egyptian officials say, according to BBC News.

A statement by President Mohammed Mursi's office said the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) would each provide 2bn euros.

The remaining 1bn euros would come from EU member states, the statement added.

The announcement came after Mr Mursi held talks with the EU's foreign policy chief, Catherine Ashton, in Cairo.

In a statement, the presidency said the packages was "a strong sign of the EU's support for Egypt's path to development".

Representatives of some 100 of Europe's largest firms as well as European Commission members and European MPs are participating in the meetings, due to conclude later on Wednesday.

Their focus is on strengthening bilateral relationships between Egypt and the European Union and deepening economic co-operation.

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