Egypt, Germany ink two-year cooperation agreement worth €153 million

Egypt has signed Friday the 2016-2018 cooperation agreement totalling €153 million (around $174 million) with Germany.

The agreement includes Germany’s €100 million soft loans and €53 million grant at an interest rates of 2 percent, and a 10-year grace period, to be paid over 30 years, Egyptian international cooperation minister state.

Egyptian Minister of International Cooperation Sahar Nasr has signed the agreement with German Minister of Economic Cooperation and Development Gerd Müller, in presence of Egyptian Minister of Trade and Industry Tarek Qabil.

Nasr has chaired Egypt’s delegation at the Egyptian-German Joint Committee currently held in Berlin.

Upon the agreement, both countries will cooperate in the fields of renewable energy, technical education, climate change, SMEs, youth projects, women, and housing.

The current bilateral cooperation between Egypt and Germany includes sanitation and irrigation through financing sanitation projects as well as renewable energy, climate change, environment, SMEs, and vocational training, thereby creating job opportunities.