Article 5

1. In order to finance the Union’s macro-financial assistance in the form of loans, the Commission shall be empowered, on behalf of the Union, to borrow the necessary funds on the capital markets or from financial institutions in accordance with Article 224 of the Financial Regulation. 2. The Commission shall enter into a loan agreement referred to in Article 3(3) in respect of the amount referred to in Article 1. The loan agreement shall lay down the availability period and the detailed terms of the Union’s macro-financial assistance, including in relation to the internal control systems. Egypt shall repay the loan, which shall be granted on terms that allow its repayment over a long period, including a possible grace period. The maximum duration of the loan shall be 35 years. 3. The Commission shall inform the European Parliament and the Council of developments in the operations referred to in paragraph 2.