Egyptian-German investments worth €203M signed

CAIRO – 12 June 2017: Minister of International Cooperation and Investment Sahar Nasr signed three agreements with Germany worth of € 203 million ($227 million) in sectors of renewable energy, education, and Small and Medium Enterprises on Monday.

This comes as part of the President Abdel Fattah al-Sisi’s visit to Berlin amid the signing of the agreement with Gerd Müller, the German Federal Minister for Economic Cooperation and Development, according to a released statement by Egyptian Ministry.

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.

The Egyptian-German cooperation seeks to focus on four strategic pillars including sustainable economic development, renewable energy, water resources, and solid residues, the statement added.

Nasr anticipates further Germany investments to be pumped in the country to move upwards in ranking of Countries Investing in Egypt, whereas it currently ranks 20th place for owning 1,039 operating German companies nationwide.