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Wednesday, 11 October 2017

Nasr signs EUR 320 mn-worth of agreements with Germany

Nasr signs EUR 320 mn-worth of agreements with Germany: Investment and International Cooperation Minister Sahar Nasr signed three agreements yesterday with Germany’s Economic Cooperation Minister Gerd Müller worth a total EUR 320 mn. The first agreement allocates EUR 225 mn to supporting economic and social reforms and is part of a broader EUR 450 mn package. EUR 45 mn will go towards projects in education, employment, energy efficiency, and infrastructure. German development bank KfW is providing EUR 50 mn to support SMEs. Müller also met with President Abdel Fatah El Sisi to discuss the G20 initiative for Africa and review different cooperation projects in Egypt.

Furthermore, it appears that Germany has also allocated USD 250 mn in its 2018 budget as part of a loan agreement to Egypt in 2016 to help close the financing gap, a key stipulation to receiving the IMF’s USD 12 bn Extended Fund Facility, German ambassador to Cairo Julius Georg Luy said in a press conference Monday, Ahram Online reports.

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