EU approves 5 bln Euro financial aid package to Egypt

The European Union has approved a 5 billion euro ($6.4 billion) financial aid package to Egypt after its economy was battered by a 2011 uprising that toppled Hosni Mubarak, the presidency said on Wednesday.

The European Investment Bank will grant Egypt 2 billion euros and the European Bank for Reconstruction and Development a further 2 billion euros, while EU countries will come up with 1 billion euros, the presidency said.

The announcement came after President Mohamed Mursi met EU foreign policy chief Catherine Ashton in Cairo.

It is ”a strong sign of of EU’s support for Egypt’s path to development,” the presidency said.

Ashton, who attended a meeting of EU and Arab foreign ministers on Tuesday, is also participating in the EU-Egypt task force.