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1. The Union shall make macro-financial assistance in the form of loans of a maximum amount of up to EUR 4 billion available to Egypt (the ‘Union’s macro-financial assistance’), with a view to supporting Egypt’s economic stabilisation and a substantive reform agenda. The release of the Union’s macro-financial assistance is subject to the adoption of the Union budget for the relevant year by the European Parliament and the Council. The Union’s macro-financial assistance shall contribute to covering Egypt’s balance-of-payments needs as identified in the IMF programme.

2. In order to finance the Union’s macro-financial assistance, the Commission shall be empowered, on behalf of the Union, to borrow the necessary funds on the capital markets or from financial institutions and to on-lend them to Egypt.

3. The release of the Union’s macro-financial assistance shall be managed by the Commission in a manner consistent with the agreements or understandings reached between the IMF and Egypt, and with the key principles and objectives of economic reforms set out in the Association Agreement. The Commission shall regularly inform the European Parliament and the Council of developments regarding the Union’s macro-financial assistance, including disbursements thereof, and shall provide those institutions with the relevant documents in due time.

4. The Union’s macro-financial assistance shall be made available for a period of two and a half years, starting from the first day after the date of entry into force of the MoU referred to in Article 3(1).

5. Where the financing needs of Egypt decrease fundamentally during the period of the disbursement of the Union’s macro-financial assistance compared to the initial projections, the Commission, acting in accordance with the examination procedure referred to in Article 7(2), shall reduce the amount of the assistance, suspend or cancel it.