Egypt, Germany to sign $250M deal as 2nd tranche of KFW loan

CAIRO, 11 Feb 2019: Egypt and Germany on Tuesday will sign an agreement on the disbursement of the second tranche of a soft loan worth over $250 million.

The loan is provided by the German Development Bank (KFW) Egyptian Investment an International Cooperation Minister Sahar Nasr, Head of the Africa/Middle East Directorate at the KFW Helmut Gauges and German Ambassador in Cairo Julius Georg Luy, will be present at the deal's signing ceremony.

In a statement released by the German Embassy on Monday, the ambassador said he is happy to see an upward trend in Egypt's economic growth, asserting that Berlin has supported Cairo since the announcement of bold economic reforms in the country.

The disbursement of the loan's second installment is a strong evidence that Germany fulfills its promises and strongly stands by Egypt, the ambassador added.

Economic reforms adopted by Egypt, especially in the area of monetary policy and subsidy system, have contributed to achieving a significant stability in its macroeconomic performance, the German diplomat noted.

Also, he stressed the necessity of introducing deep structural reforms and the creation of a suitable business atmosphere for the private sector and foreign investments in the coming period.