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Sunday, 5 June 2016

Egypt, Germany sign EUR 153 mn international cooperation agreement, negotiating for solar power plant

International Cooperation Minister Sahar Nasr signed the 2016-2018 cooperation agreement with Germany, Al Mal reported. The agreement includes a EUR 100 mn soft loan with 2% annual interest, a 10-year grace period, and a repayment period of 30 years, as well as a EUR 53 mn grant. The agreement is a 50% increase to its predecessor, said Nasr. The funds will be directed toward renewable energy projects, technical training, climate change, and SMEs.

Germany also pledged support for a project to build a 1,000 MW solar power plant by establishing a private German-Egyptian company, sending a delegation from the Federal Environment Ministry to study the project, and receiving funding from the Green Climate Fund, the statement added. International Cooperation Minister Sahar Nasr met with Germany’s Federal Environment Ministry to bolster cooperation on environmental issues and climate change, according to a statement from the ministry.

Egypt’s Trade and Industry Ministry will work with Germany on quality control and standards, Al Borsa reported. Cooperation will be between the Egyptian Organization for Standards and Quality Control and Germany’s TÜV SÜD, a technical service organization that focuses on “testing, inspection, auditing and certification,” as described on their website, as well as DIN, the German Institute for Standardization.

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