EU: No aid to Egypt before improving economy and signing IMF loan

EU: No aid to Egypt before improving economy and signing IMF loan

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Wed, 19/12/2012 - 18:38

The European Union has said it is willing to support Egypt and the “Arab Spring” countries to achieve democracy, but linked aid to Cairo with improving economic conditions and signing the International Monetary Fund loan.

EU Ambassador to Egypt James Moran said at a press conference on Wednesday, on the occasion of Ireland assuming the EU presidency, that Europe is monitoring political developments in Egypt and hoping it would withstand the challenges of the transitional period.

Meanwhile, France denied any future economic projects with Cairo until the political situation improves.

The EU had announced several financial assistance packages for Egypt, most recently the allocation of US$5 billion to support the economy.

Edited translation from Al-Masry Al-Youm