Sunday 10 Nov

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Egypt and Germany sign €103.5 million financial cooperation agreement


Egypt and Germany sign €103.5 million financial cooperation agreement

Dr. Rania El Mashat, Minister of International Cooperation, and Frank Hartmann, Ambassador of Germany to Egypt, signed a financial cooperation agreement worth 103.5 million euros.

The German Embassy in Cairo stated on Monday that this agreement provides for the financing of three development programs in Egypt:

Financing micro, small and medium-sized enterprises, phase four, in favour of Banque du Caire in the form of soft financing worth 65 million euros.

In addition to a financial contribution, a supplementary grant, worth 3 million euros, as well as financial support for the Comprehensive Technical Education Initiative with Egypt, phase three, in favour of the Ministry of Education and Technical Education worth 20.51 million euros.

And the Risk Management Mechanisms Program in favour of the Central Bank of Egypt worth 15 million euros.