Egypt expects to receive €1.5 billion ($1.72 billion) from the European Union in the coming days, according to a statement by Badr Abdelatty, Minister of Foreign Affairs, Emigration and Egyptian Expatriates.

This marks the first of two remaining tranches under the EU’s €5 billion macro-financial assistance package.

Speaking at a press conference in Egypt’s New Administrative Capital alongside European Commissioner for the Mediterranean Dubravka Šuica, Abdelatty said the remaining €3 billion would be disbursed in two equal installments of €1.5 billion each.

Cairo hopes to receive the final installment by the beginning of autumn, he added.

The European Union has so far disbursed €2 billion from the package, including an initial €1 billion tranche in January 2025 and a second €1 billion installment earlier this year.

The macro-financial assistance is part of a broader €7.4 billion financing agreement announced by the EU in 2024, which also includes €5 billion in concessional loans.