Egyptian Minister of Investment Sahar Nasr (L) meets with her German counterpart (R) - Courtesy of Photothek Egyptian Minister of Investment Sahar Nasr (L) meets with her German counterpart (R) - Courtesy of Photothek

Egypt, Germany sign economic protocol worth €129 million

Wed, Oct. 31, 2018
CAIRO – 31 October 2018: Egypt and Germany signed a number of bilateral agreements on the sidelines of President Abdel Fatah al-Sisi’s four day visit to Berlin, which started on Oct. 28.

The two officials signed a protocol of economic cooperation worth €129 million ($146.47 million) during the meeting of Egyptian-German cooperation committee, presidency spokesman Bassam Radi said.

They also signed a joint declaration of intent on a comprehensive joint initiative in the education field, including technical and vocational education as well as dual education. The initiative also included establishing a monitoring authority for the quality of education, besides a training academy for teachers, Radi said.

The agreements between the two states, whose relations have lasted for about 61 years, also included a declaration of intent to strengthen cooperation in the field of university education and scientific research.

Moreover, the two officials agreed on establishing a German university for applied sciences in Egypt’s new capital, the New Administrative Capital, which reportedly aims at housing over 5 million people on a total area of 700 square kilometers.

A memorandum of understanding for cooperation with Siemens in industrialization, vocational training support, increasing the competitiveness of the industrial zones and raising their ability to export was also signed during Sisi’s visit, Radi added.

CEO and Chairperson of German electronics manufacturing Company Siemens, Joseph Kaiser, said that there is no place in the world where infrastructure is being developed as quickly as in Egypt.

This came during a speech by Siemens president at the G20 informal investment summit with German companies and member countries of the Partnership with Africa initiative held in Berlin.

Kaiser further talked about three giant electricity plants Siemens built in Egypt, noting that a big number of Egyptian companies participated in these projects, with about 1,200 Egyptian engineers having been trained in Germany.
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