Egypt, Germany sign €112 million SME financing agreements

Egypt has just signed on Sunday two financing agreements worth €112 million ($124.5 million) with Germany to boost small and medium businesses in the North African country.

Upon the first agreement, Germany will provide Egypt a €52 million grant, Egyptian Minister of International Cooperation Sahar Nasr stated. The second agreement is a €47 million soft loan.

Both agreements aim at activating Egypt’s SME and new and renewable energy sectors as well as supporting women in the North African country, the minister added.

The agreements have been signed in Cairo by Minister Nasr and Julius Georg Luy, German Ambassador in Egypt.