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Saturday, 08 August 2020

Egypt’s Al-Mashat, German ambassador discuss implementing 3rd phase of loan exchange program

Doaa A.Moneim , Sunday 14 Jun 2020
International Cooperation Minister Rania Al-Mashat
International Cooperation Minister Rania Al-Mashat
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Egypt’s Minister of International Cooperation Rania Al-Mashat has discussed with the German Ambassador to Egypt Cyrill Nunn the implementation of the third phase of the loan exchange program that is expected to be implemented during 2020.

The first phase of the program is worth €70 million, the second is worth €80 million, while the third phase was hampered amid the COVID-19 crisis.

During the meeting, Nunn said that Egypt has had good experience in terms of the pre-emptive procedures it has adopted in fighting the COVID-19 pandemic and its impacts, in addition to its ongoing procedures in order to reconstruct for the post COVID-19 phase.

Egypt’s cooperation portfolio with Germany stands at €1.7 billion over 48 projects in hydropower, water and sanitation, infrastructure, public services, and small and medium-sized enterprises (SMEs).

Minister Al-Mashat said that the cooperation with Germany has the best form of development cooperation among other Egypt’s development partnerships in terms of alignment with Egypt’s government priorities.

She added that the Egyptian-German cooperation strategy focuses various sectors including irrigation, water resources, sanitation, solid wastes, renewable energy, power efficiency and sustainable development.

The two parties also discussed cooperation in the fight against the COVID-19 pandemic under the platform that the international cooperation ministry has launched with development partners to consider the responses to the crisis, the minister said.

Al-Mashat also noted during the meeting that the fiscal and monetary policies the Egyptian government has adopted under the economic reform programme have helped the government counter negative social and economic impacts caused by the pandemic.

Nunn also praised the strategy that has been set by the Egyptian international cooperation ministry for partnership with the global finance institutions (P&P&P) that sheds light on development partnerships, their impacts on citizens and its role in achieving sustainable development goals.

Egypt exports to Germany recorded $618.69 million during 2019, according to the United Nations COMTRADE database on international trade.

Egypt’s trade exchange with countries across the world recorded $23 billion during the first quarter of the current FY2019/2020, including $15.9 billion in imports and $7.12 billion in exports, according to the Central Bank of Egypt (CBE).

In this regard, Egypt’s trade exchange with Germany reached $1.02 billion, of which $766.7 million in imports, and $262.6 million in exports, according to CBE data.

 
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