CAIRO – 26 February 2024: According to a report released by the Minister of International Cooperation (MOIC), the House of Representatives has given its approval to non-refundable grants totaling €80.5 million from Germany and the European Investment Bank (EIB). These grants aim to implement various development projects.
Germany, through Tameer Deutsche Bank, is generously providing financial aid amounting to €80 million.
The funding will be divided into two parts: firstly, €28 million will be directed towards enhancing risk management and credit guarantee mechanisms, specifically tailored to meet the financing needs of small and medium-sized enterprises (SMEs). Secondly, €32 million will be allocated to support the Comprehensive Technical Education Initiative in Egypt.
In addition to this, €20 million has been set aside to support the National Solid Waste Management Program of the Ministry of Environment.
Furthermore, the House of Representatives has approved Presidential Resolution No. 613 of 2023, which sanctions a consultative cooperation agreement. This agreement aims to provide a grant of €500,000 from the EIB to support green industry projects.
The MOIC reveals that the development cooperation portfolio between Egypt and Germany stands at approximately €1.6 billion, which has funded a total of 30 projects.
Moreover, the current development portfolio with the European Investment Bank amounts to approximately €3.5 billion.
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