Egypt reform program "remarkable development": CDU's Kaude

CAIRO – 24 May 2018: President Abdel Fatah al-Sisi received Thursday Christian Democratic Union (CDU) Bundestag leader Volker Kaude, presidential spokesman Bassam Radi announced.

Foreign Minister Sameh Shoukry and the German ambassador to Cairo attended the meeting that stressed presidential directives that Egypt is keen on attracting more German investments to Egypt to benefit from the considerable investment potentials in the country.

(R to L) President Abdel Fatah al-Sisi, Christian Democratic Union (CDU) Bundestag leader Volker Kaude, Foreign Minister Sameh Shoukry, German Ambassador to Egypt Julius Georg Luy, and Presidential Spokesperson Bassam Radi during a meeting on May 24, 2018 – Press photo

During the meeting, the Egyptian leader praised the strong ties between Cairo and Berlin, and asked Kaude to convey his greetings to German Chancellor Angela Merkel.

Parties of the meeting discussed the latest regional developments and ways to enhance the efforts aiming at reaching political settlements and compromise to the running crises and avoiding any military escalations.

Kaude also expressed keenness to boost joint economic ties with Egypt as he commended the Egyptian economic reform program, which provides wide investment opportunities that would create job opportunities and achieve development in the country.

“The Egyptian reform program is deemed a remarkable development by the entire international community,” Kaude said. “Egypt is an example of success to the African continent and neighboring countries, as it managed to achieve stability and security and launch a comprehensive development initiative after being hit with instability.”

In other news, 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.

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

“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.