Spain boosts financial cooperation with Egypt to €300 million
Egypt has signed on Thursday exchange of letters to extend financial cooperation with Spain until late 2018.
Egyptian Minister of International Cooperation Sahar Nasr told reporters that Spanish government decided to increase its allocation designated to bolster financial cooperation with Egypt to €300 million, from €175.8 million, extending the term of agreement until December 31st, 2018.
The money will go for railway, antiquities, energy, water desalination, telecoms, infrastructure, environment, airports, ports, and information technology projects in Egypt, Nasr added.
The exchange of letters was signed by Minister Nasr and Arturo Avello, Ambassador of the Kingdom of Spain to Egypt.
Spain has agreed to finance two projects in Egypt; one aims to upgrade electronic lights and renovating railway lines by €50 million, and another to support the country’s tourism industry by €7.5 million, Nasr said.
