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SITUATION REPORT

Nov 14, 2012 | 12:57 GMT

Egypt: EU Approves Aid Package, Presidency Says

The European Union has approved a 5 billion euro ($6.36 billion) aid package for Egypt, a statement from Egypt's presidency said Nov. 14 after a meeting between Egyptian President Mohammed Morsi and EU Foreign Policy Chief Catherine Ashton, AFP reported. The European Investment Bank will contribute 2 billion euros, as will the European Bank for Reconstruction and Development; EU countries will come up with 1 billion euros. Cairo needs help dealing with dueling fiscal and political pressures.

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