Development Cooperation bet. Egypt, Germany hits $2.4B



Wed, 10 Jul 2019 - 09:44 GMT


Wed, 10 Jul 2019 - 09:44 GMT

Minister of Investment Sahar Nasr - Screenshot from Bloomberg

Minister of Investment Sahar Nasr - Screenshot from Bloomberg

CAIRO – 10 July 2019: Development Cooperation between Egypt and Germany recorded $2.4 billion, Ministry of Investment announced Tuesday.

The ministry added in a statement that the German investment in Egypt reached $7.4 billion.

The Ministry of Investment and International Cooperation and a number of ministries held a round table with the German side to determine the final steps related to the future projects for 2019 and to follow-up the results of Prime Minister Mostafa Madbouli's visit to the German capital, Berlin. This is in addition to preparing the meetings of the fourth session of the Egyptian-German bilateral committee to be held during the coming period.

The meeting was attended by Head of the Middle East and North Africa Division of the German Federal Ministry for Cooperation in Economic Development Klaus Kramer, Head of the German Development Cooperation Office Ove Jilin,Vice President of the German Development Cooperation Office Sebastian Wilde, and Director of the German Agency for International Cooperation in Egypt Andreas Cook as well as Director of the German Construction Bank office in Egypt Burkehard Haines.

The Investment Ministry emphasized the importance of continuing the investment and development cooperation between the two sides, which reflected on many economic and social sectors in Egypt, most importantly on energy and infrastructure.

The statement pointed out that the main areas of cooperation discussed between the two sides included: the energy and renewable energy sector, the sustainable development sector and small and medium enterprises, technical education, youth, women and social development, infrastructure projects and irrigation.

For his part, Cook said that Egypt has taken great steps in developing institutional capacities and in legislative reform, supporting the role of the private sector in the economy and improving the quality of education. He added that Egypt has also witnessed significant developments in the field of energy, stressing that international cooperation between both countries is clear in the success of Siemens plants in supporting the energy system in Egypt.

Furthermore, Cook praised the exerted effort in the field of solid waste recycling, referring to the German side's determination to expand the cooperation with Egypt after the positive results of the last few years.



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