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Tuesday, 26 March 2019

Egypt, German bank sign agreement to disburse second tranche of $500mln loan

Ahram Online , Wednesday 13 Feb 2019
Signing of the agreement
The signing of the agreement on Tuesday in Cairo (Photo: The German embassy in Cairo)
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Egypt and the German Development Bank KfW signed on Tuesday an agreement to disburse the second tranche, worth $250 million, of a soft loan worth of $500 million.

The agreement was signed in Cairo by Sahar Nasr, the minister of investment and international cooperation, and Helmut Gauges, the head of the Africa/Middle East Directorate at the German Development Bank KfW.

According to Minister Nasr, the agreement aims to support social development as part of the Egyptian government’s economic reform programme.

Nasr added that the agreement reflected Germany's confidence in the success of Egypt’s economic and social reform programme.

The minister also called on German companies to inject more investments in Egypt, and noted that German investments in the country have increased to $7.1 billion over the past four years, with 1,215 German companies investing in different fields including oil, petrochemicals, cars, telecommunications and steel.

Germany’s ambassador to Cairo Julius Georg Luy praised the agreement, saying that his country has supported the economic reforms in Egypt since the beginning.

KfW head Gauges expressed Germany’s keenness to support Egypt economically in the upcoming period.

Following the signing of the agreement, Nasr held a meeting with ambassador Luvy and KfW representatives to discuss increased cooperation between the two countries in the coming period through debt for development exchange.

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