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Egypt, Germany sign memos for development projects worth 1.6bn euros: Ambassador

Ahram Online , Friday 8 Jun 2018
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Egypt's Investment minister Sahar Nasr signing with German Ambassador in Cairo on Thursday June 7, 2018 (Photo: courtesy of German Embassy)
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German Ambassador to Egypt Julius Georg Luy signed on Thursday with Egypt's investment and International Cooperation Minister Sahar Nasr diplomatic memos for heightened cooperation between both countries, to include projects worth a total of 1.6 billion euros, a statement by the German embassy read.  

The Egyptian-German agreement calls for organising the work of German development agencies already conducting projects in Egypt. 

The two agencies whose work will be organised under the agreement are KFW development Bank and The Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ).

The Egyptian parliament must first approve the memos for the projects, which will be funded through a combination of grants and loans, before they can be implemented.  

Luy also reiterated on Thursday Berlin’s support for the ambitious economic reforms the Egyptian government has recently put in place.

The ambassador said Berlin is supporting Egypt's reforms not only as a key member of the World Bank and IMF, but also through 225 million euros in aid it granted Cairo in early 2018.

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