Wednesday, November 14, 2012

Egypt to receive over $6 Billion in aid from EU


 
A handout picture released by the Egyptian presidency shows Egyptian President Mohamed Morsi (R) and his foreign minister Mohamed Kamel Amr (L) meeting with EU foreign policy chief Catherine Ashton (C) at the presidential palace in Cairo, on November 14, 2012. (AFP Photo)

Source: Russia Today
http://rt.com/news/eu-egypt-aid-billions-680/

The European Union has approved a US$6.3 billion financial aid package for Egypt. The news comes as Europe is paralyzed by a general strike and mass protests as people are tired of deepening recession and strangled by constant budget cuts.

­The European Investment Bank is to grant Egypt 2 billion euro ($2.55 billion), the European Bank for Reconstruction and Development a further 2 billion euro and EU countries will also allocate a further 1 billion euro, the office of the Egyptian president said on Wednesday.

The statement was released after President Mohamed Morsi met with EU Foreign Policy chief Catherine Ashton.

Egypt is to sign a memorandum of understanding with IMF representatives for the loan this week. It is "a strong sign of EU's support for Egypt's path to development," the president said.

The Egyptian economy is still recovering after the overthrow of former President Hosni Mubarak in February 2011 and subsequent political turmoil.

Meanwhile, tens of thousands of people took to the streets across the EU to protest drastic austerity measures introduced by authorities to cope with the recession.

Spain and Portugal are facing general strikes, while Greece and Italy are seeing many walkouts. Millions of people from some 20 EU nations are expected to take part in the European Day of Action and Solidarity.

And as many Europeans are not happy to bail out struggling EU economies at a cost of their pensions and wages, the question is how they are going to react to paying Egyptian bills.

 

No comments:

Post a Comment

Thanks for commenting on this post. Please consider sharing it on Facebook or Twitter for a wider discussion.

Russian / Ukraine War - (Mar 08th, 2024)

How the Ukraine War Changed the World - (Mar 01st, 2024)

Redacted - Egypt's betrayal of Palestine - Vanessa Beeley

CrossTalk | Magical thinking - (Feb 28th, 2024)

Hillary Clinton Interrupted & Called Out in Berlin

We don’t want war with Israel, but if they impose it on us, we are ready – Hezbollah

ICJ delivers ruling in favour of South Africa

ICJ ruling | Court stops short of ordering Gaza ceasefire, demands that Israel prevent genocide

South Africa's Closing Argument Against Israel for Genocide at the ICJ

Wider Middle East war. US, UK strike Yemen

U.S., UK Start Another Unwinnable War In Yemen

Geopolitical Storm Brewing from Palestine to Ukraine

How the US Global Order is Challenged - With Pepe Escobar (Nov 20, 2023)

Shahid Bolsen - Message to the Israeli people

Roger Waters - To Whom It May Concern: Please Stop.

US policy slowing down China's economy w/ Jeffrey Sachs

Max Blumenthal s destroys RFKJr's outrageous Israelí Propaganda

Totalitarianism, Censorship and Syria with Peter Lavelle, Vanessa Beeley & Kevork Almassian

Putin shows treaty on Ukraine’s neutrality, signed by Kiev but dumped under Western pressure

Assad's speech at the Arab League Summit - what it means for the future of the region

Assad returns to Arab League

HUGE China brokered deal, Iran & Saudi Arabia restore diplomatic ties

Nord Stream pipeline & sabotaging peace w/Jeffrey Sachs

The Tragedy of Ukraine

Historical Events that Led to the Start of the Ukraine Conflict

Your Wars Will Destroy the Planet - Roger Waters

Healthy Athletes suffer Heart Problems After Getting the Jab