Egypt’s Investment Minister inks three deals of €203.5 million with Germany

On the sidelines of the visit of President Abdel Fattah al-Sisi to Germany on Monday, Egypt’s Minister of Investment Sahar Nasr signed three agreements with German Minister of Development and Economic Cooperation Gerd Müller worth 203.5 million euros in the fields of renewable energy, and education as well as small and medium-sized enterprises.

Nasr pointed out that the agreements are economic cooperation and development worth 50 million euros to finance the project of solar power, the Technical and Vocational Education and Training reform program (TVET).

Another agreement was signed between both countries to support the various development sectors with a grant of 12 million euros.

There are other priority projects in the framework of financial cooperation worth, 141.5 million euros.

She maintained that the German-Egyptian cooperation strategy is based on four axes: sustainable economic development, renewable energy, energy efficiency, water resources, irrigation, sanitation and solid waste.

The minister praised the economic cooperation relations between Egypt and Germany, stressing that they are considered to be one of the best examples of bilateral relations at political and economic levels, adding that Germany is among the top European donor countries in terms of the volume of annual funding and grants.

The minister expressed her aspiration to increase German investments in Egypt, which would  increase the ranking  Germany among the countries investing in Egypt. Currently, there are 1039 German companies working in Egypt.

Source: Al-Masry Al-Youm