Ministry of Investment looks for cooperation with Kfw

CAIRO – 13 July 2017: Minister of Investment Sahar Nasr invited the German Development Bank (KfW Bankengruppe) to support private sector’s role in the economic development process.

Nasr met a delegation from the KFW Thursday to discuss with them methods of boosting their efforts to improve the investment climate in Egypt, a statement from the Ministry said.

The KFW praised the economic reform measures taken by the government, expressing their willingness to support Egypt through pumping investments.

Germany has provided Egypt a total value of €5.5 billion ($6.2) in loans and non-refundable financial contributions as part of cooperation between two countries.

Egypt signed a number of cooperation agreements with Germany during the visit of Abdel Fatah al-Sisi to Berlin in June, worth of €203 million ($227 million) in sectors of renewable energy, education, and Small and Medium Enterprises.

The agreement will also include roads renovation, agriculture and rural sanitation projects. Approximately €50 million within the agreement will be allocated for renewable energy projects and €12 million will be appointed to support dual education process in the country.

Small and Medium enterprises (SMEs) will be financed by €141.5 million and €33.3 million will be allocated to SMEs for National Egyptian Bank (NBE), while roads and agriculture sectors will be boosted across the country for €25 million.