On 10 October 2017, the Minister of Investment and International Cooperation Dr. Sahar signed 3 agreements worth EUR 320 million with Federal Minister for Economic Cooperation and Development Dr. Gerd Müller and the KFW within the framework of bilateral cooperation committee at MIIC premises, in presence of the Minister of Electricity and Renewable Energy Dr. Mohamemd Shaker, the Minister of Environment Dr. Khaled Fahmy, and the Minister of Education Dr. Tarek Shawky as well as the Minister’s Senior Advisor for Economic Affairs, representatives of the Ministers of Housing, Trade, Irrigation and Agriculture, and the German Ambassador to Cairo Mr. Georg Luy.
The agreements included signing the first tranche worth EUR 225 million for supporting the economic and social reform program out of the relevant allocated funds worth EUR 450 million and a joint cooperation agreement which provided for Egypt’s obtaining of additional funding reaching up to EUR 45 million to finance several projects. Among such projects are encouraging employment, supporting the Egyptian dual education system, energy efficiency, and infrastructure as well as cooperation with the KFW to support the entrepreneurship and SMEs program worth EUR 50 million.
The Ministers of Investment, Electricity, Environment, and Education held the bilateral committee meeting for bilateral cooperation with Dr. Müller, where the means of enhancing bilateral cooperation in various economic fields were discussed.
The Minister welcomed the German Minister in his visit to Egypt, emphasizing her keenness on enhancing economic cooperation between both countries. Within this framework, the German Minister asserted his country’s keenness on increasing its support of Egypt during the upcoming period on the economic level, commending the economic reform measures carried out by the Egyptian government and the improvement of the investment environment that encourages German companies to increase their investments in Egypt. He further emphasized the strategic and deep relations between Egypt and Germany.
On his part, the Minster of electricity gave an overview of the renewable energy projects carried out by the Ministry of Electricity in collaboration with Siemens and future projects within the framework of developing the energy sector.
As for the Minister of Education, he mentioned projects carried out by the Ministry in the field of basic education, while the Minister of environment gave an overview of the steps taken by his Ministry to face climate change.
During the meeting, Germany’s support of new projects in the fields of education, entrepreneurship, SMEs was discussed and an agreement was reached to deepen and broaden cooperation in the energy sector, the climate change combating initiative and the entrepreneurship and small investors initiative.
Dr. Nasr and the German Minister inspected “Fekretak Serketak” Bus, in presence of the Chairman of Egypt Ventures. A dialogue was held between the Minister and Dr. Müller with a number of candidates, where Dr. Müller commended the initiative emphasizing his country’s interest in supporting entrepreneurship in Egypt.