Egypt looks set to secure $1.1B EU loan to boost economic recovery

Egypt and the European Union are set to finalize a 1 billion euro ($1.07 billion) macro financial assistance deal, according to the Egyptian Ministry of International Cooperation, which is set to be inked at the Egypt-EU Investment Conference in Cairo on June 29-30. 

The latest injection is part of a larger package from the 27-member bloc to help the North African country's struggling economy.

In March, the European Union pledged a 7.4 billion euro ($8 billion) package as part of a strategic partnership deal that includes 5 billion euros in loans over four years. The following month the EU said it was releasing 1 billion euros ($1.06 billion) in aid to Egypt as the region's most populous country grapples with a foreign currency crunch and sky-high inflation. 

The release of the rest of the financial package is contingent on Egypt's adoption of EU-mandated reforms and will be given over three years.