Hommam Al Nassim 
The European Union plans to expedite the process of providing financial aid to Egypt, using financing measures that bypass the usual parliamentary scrutiny, to address the economic downturn.
The €1 billion (USD 1.1 billion) that the Union intends to provide to Egypt urgently is part of a larger aid package worth €7.4 billion (USD 8 billion) aimed at supporting Egypt’s deteriorating economy, which the European Union announced earlier this month.
This package includes grants and preferential loans for Egypt over a period of 3 years, with most of these funds (€5 billion / USD 5.4 billion) being in the form of direct financial assistance to the Egyptian central bank.
Despite the European Union’s usual practice of imposing guarantees, it is believed that the upcoming parliamentary elections may impact the timely delivery of these funds. However, European Commission President Ursula von der Leyen announced plans on Friday to provide urgent assistance of €1 billion to Egypt, given the rapid deterioration of the economic situation in the country.
Von der Leyen attributed the deteriorating economic situation in Egypt to the effects of the wars in Gaza and Sudan, and Houthi attacks in the Red Sea, and stressed the importance of providing assistance as soon as possible to Egypt.
The Commission will use Article 213 of the EU treaties to speed up the aid process, which requires not the approval of the European Parliament, but the approval of the twenty-seven member states.
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