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Egypt and the European Union (EU) have boosted ties after the latter pledged a €7.4bn ($8.1bn) aid package for the nation. This would be a mix of grants and loans, and would be disbursed through 2027. This comes in addition to the World Bank providing Egypt with $3bn in funding support last week, following the $8bn deal Egypt struck with the IMF a week before that.
Egypt’s dollar bonds however, have been trading weaker, down by over 1 point. The country’s inflation jumped by 35.7% in February, higher than the 29.8% rise seen in January. Egypt’s dollar bonds were trading slightly weaker with its 5.875% 2031s down 1.5 points to 78.09, yielding 10.4%.