Egypt, Germany sign Euros 150.5 million worth cooperation agreements

Government & Politics

Cairo Egypt and Germany signed in Cairo on Sunday two agreements for technical and financial cooperation worth 150.5 million euros.

The agreements were signed by Egyptian Minister of Investment and International Cooperation Dr. Sahar Nasr and German Ambassador to Egypt Julius Georg Luy.

The first agreement includes Germany's grant of Euros 48 million that will be used for developing the education sector, as part of the Egyptian president's initiative for investment in human development. The grant will also fund infrastructure, environment, agriculture, water and sewage, as well as small- and medium-sized projects. While the second agreement worth Euros 102.5 million that will be used for electricity and renewable energy, energy efficiency, agriculture and various small and medium sized projects.

Ms. Nasr stressed Egyptian government's keenness to increase German investments, which have so far reached around $641.4 million through 1,103 companies in the chemical, petroleum, telecommunications, gas, automotive, iron and steel sectors.

Source: International Islamic News Agency