Egypt, Germany sign two agreements for €150.5M
CAIRO – 23 December 2018: Egypt and Germany signed two technical and financial cooperation agreements worth €150.5 million.
The agreements were signed by Egypt’s Minister of Investment and International Cooperation Sahar Nasr and the German Ambassador to Cairo, Julius Georges Lowe.
Nasr clarified that the first agreement is for technical cooperation through a grant of €48 million in the education sector in support of the initiative of President Abdel Fatah al-Sisi to invest in human resources, in addition to supporting the sectors of infrastructure and environment, agriculture, water and sanitation.
She added that the second agreement is a financial cooperation agreement agreed between the two sides to finance a number of projects worth €102.5 million in the electricity sector, new and renewable energy, energy efficiency and agriculture as well as small and medium enterprises.
The Minister stressed that the priority goes for the neediest areas within the grants to support small and medium enterprises, so as to benefit women and young people, noting that during the negotiations of the agreements, they agreed that the deals to be linked to the training of young people on various skills and benefit from German expertise in the manufacturing sector.
She referred to Egypt's keenness to intensify and diversify its economic, development and investment cooperation with Germany as part of the implementation of the agreement between Egypt’s president and German Chancellor Angela Merkel during their recent meeting in Berlin.
CAIRO - 28 August 2018: Following June 30 revolution against the Muslim Brotherhood-affiliated former President Mohamed Morsi, Egyptian relations with Germany, along with many other countries, were strained. However, diplomatic, and subsequently economic relations with Germany have been restored in a short time. President Abdel Fatah al-Sisi arrived in Berlin on Sunday, Oct.
Nasr stressed on the importance of increasing German investments under the strategic relations between the two countries, stating that Germany's investment in Egypt is about $641.4 million, with a number of 1103 companies in the sectors of chemicals, oil, telecommunications, gas, automobile industry, iron and steel.
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.
For his part, the German ambassador to Cairo praised the cooperation with Egypt, pointing out that these agreements come in the framework of strengthening relations between the two countries, and indicates the current strategy of cooperation between Egypt and Germany, stressing his country's keenness to increase its support to Egypt during the next stage on the economic level.
He also praised the economic reform measures that the Egyptian government is working on, which reflects positively on the development cooperation between Egypt and Germany and improving the investment environment which encourages German companies to increase their investments in Egypt, stressing the strategic and deep relationship between Egypt and Germany.
He honored the improvement of the Egyptian economy, stressing that the German Construction Bank and the German Agency for International Cooperation have the ability to provide more expertise and capabilities to serve the economic and development cooperation of the two countries after the establishment of two offices in Cairo.
Minister of Trade and Industry Amr Nassar said that Egypt’s exports to Germany marked an increase of 9.5 percent during the first half of 2018, reaching €717 million, compared to €654.6 million during the same period of 2017.
CAIRO - 20 September 2018: Egypt's exports to Germany marked an increase of 9.5 percent during the first half of 2018, reaching €717 million, compared to €654.6 million during the same period of 2017, according to Minister of Trade and Industry Amr Nassar.
Trade exchange between Egypt and Germany rose 5 percent in 2017, reaching €5.81 billion, compared to €5.57 billion in 2016, Nassar said earlier.
Total Egyptian investments in Germany recorded $35.5 million in the fields of finance, medicine, furniture, appliances, medical supplies, tourism and trade, the minister added.
CAIRO - 21 June 2018: Trade Exchange between Egypt and Germany rose 5 percent in 2017, reaching €5.81 billion, compared to €5.57 billion in 2016, according to Minister of Industry and Foreign Trade Amr Nassar. The minister clarified that the current German investments in Egypt amount to $641 million through 1080 projects in the fields of industry, services, agriculture, construction, communications, information technology and finance.