Egypt to receive 5 Bln Euros in aid from EU

               
The Egyptian presidency announced on Wednesday that the European Union has approved a five billion euro ($6.3 billion) 'support package' to Egypt over a two year period to be disbursed through the EU's finance institutions.           

The European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) will each provide 2 billion euros ($2.54 billion), according to the presidency announcement.              

The remaining one billion euros will granted through the bilateral support Egypt receives from various European countries, AFP reported.                    

The announcement came after a Cairo meeting between Egyptian President Mohamed Morsi and Catherine Ashton, the High Representative of the Union for Foreign Affairs and Security Policy, on Wednesday morning.                 

Ashton arrived in Egypt along with a high level EU delegation to attend a scheduled meeting of the EU-Egypt taskforce on 13-14 November. The meeting was called for by president Morsi during his September visit to Brussels.