
Germany plans to provide Egypt with $500 million in support of the country's economic reform programme and local micro, small, and medium sized enterprises, the country’s Minister of International Cooperation and Investment Sahar Nasr announced on Friday.
“We have reached agreement with Germany on the offer of $250 million in support of the government’s economic programme, and another $250 million to support several sectors including SMEs and micro-enterprises,” the minister said in a statement.
Nasr announced Berlin's offer at the Egyptian-German Business Forum, held during German Chancellor Angela Merkel's visit to Cairo this week, on which she was accompanied by a delegation of German investors.
Merkel promised the $250 million to support the country's economic reform programme during a prior joint press conference with Egyptian President Abdel-Fattah El-Sisi.
Nasr said she was looking forward to more German investment in Cairo, assuring attendees of the forum that her ministry had finalised an investment law, currently under discussion in parliament.
The minister's statements come a few days after Germany’s Ambassador to Egypt Julius Georg Luy said that German investors would be interested in investing in Egypt, but still had questions about assurances in the sector.
Luy said that his country was waiting for the investment law to be approved so that it could be presented to investors.
German investments in Egypt are estimated to total €1.5 billion, according to the ambassador, and provide around 22,000 jobs
Source: Ahram online
GMT 15:13 2018 Saturday ,20 January
US 'erred' in supporting WTO membership for China, RussiaGMT 17:22 2018 Thursday ,18 January
US industrial output in 2017 posts biggest gain since 2010GMT 17:12 2018 Thursday ,18 January
No more bonuses for Carillion bosses after UK collapseGMT 17:20 2018 Wednesday ,17 January
EU to remove Panama, South Korea from tax haven blacklistGMT 17:16 2018 Wednesday ,17 January
Citigroup reports steep Q4 losses tied to US tax reformGMT 17:11 2018 Wednesday ,17 January
Pressure rises on British govt over Carillion collapseGMT 17:52 2018 Monday ,15 January
Iran jetliner deal could take longer to complete, Airbus saysGMT 17:44 2018 Monday ,15 January
EU to remove Panama, Korea, UAE, 5 others from tax haven blacklist
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor