German ambassador praises Egypt’s economic reforms

CAIRO - 24 May 2018: German Ambassador to Egypt, Julius Georg Luy, praised Egypt’s measures to achieve the desired economic growth rate of 7.5 percent, saying that President Abdel Fatah al-Sisi’s decisions to float the Egyptian pound and decrease the subsidies were very brave.

During his meeting with Egyptian journalists at his residency on Tuesday, Luy commended the strong relations between the two countries, stressing that Germany has supported Egypt economically and politically all over its transitional period.

“Germany is one of the biggest countries that made contribution in the International Monetary Fund’s loan, besides Germany’s direct loans, amounting to $500 million,” Luy stated, asserting that Egypt should carry on its economic reforms, while focusing on reconstructing the infrastructure and supporting SMEs.

The ambassador pointed out that Germany provided Egypt with loans and grants worth €1.6 billion to fund renewable energy and water projects. He added that German tourists allocate 14 percent of the total number of tourists in Red Sea resorts.


German Ambassador to Egypt Julius Georg Luy during meeting with Egyptian journalists at his residency on May 22, 2018 - Press photo/Egypt Today

“The trade exchange between Egypt and Germany reached €6 billion annually, while the German investments in Egypt created 22,000 job opportunities,” Luy said, warning against the “scary” overpopulation growth rate in Egypt that ranges between 2 and 2.5 million annually.

Luy also referred to the importance of the existence of a strong civil society. He also stressed on the necessity to root the freedom of expression and free journalism, saying that criticizing the government is essential in democratic societies.

The German ambassador praised Egypt’s efforts to eliminate the illegal immigration that has been reduced to the minimum since inking a deal between the two countries last year.

Regarding enhancing Egyptian-German economic cooperation, Luy revealed that Minister of Economic Cooperation and Development Gerd Müller will visit Egypt next October to meet with Egyptian Minister of International Cooperation Sahar Nassr to negotiate new economic deals.

Luy denied that Germany would move its embassy to Jerusalem, like the U.S. “Germany refuses the unilateral steps, because they don’t help in solving the conflict,” Luy explained.