Egypt extends €50 mln financial cooperation pact with Austria until 2018

Egypt has agreed Tuesday to extend its financial cooperation agreement worth €50 million ($56.4 million) with Austria for further two years until 2018.

This comes during a meeting Tuesday evening between Egyptian Minister of International Cooperation Sahar Nasr and Georg Stillfried, Austrian ambassador to Cairo.

The two officials discussed the ongoing and future joint cooperation projects in Egypt and plans to hold the third session of the Egyptian-Austrian joint committee for economic cooperation soon.

Economic ties between Cairo and Vienna go back as far as 1975. Austria has so far contributed to financing a number of vital projects in Egypt, notably €10 million desalination project in Arish and Sidi Abdel Rahman as well as €10 million railway restructure programme.