International Cooperation Minister Sahar Nasr talks during an interview with Reuters in Cairo, Egypt, December 8, 2015 (Reuters)
Economic cooperation between Egypt and Germany increased by 50 percent after the two countries sealed their latest agreement, said the Ministry of International Cooperation on Sunday.
The two countries signed a two-year cooperation agreement on Friday worth 153 million euros that covers the fields of renewable energy, technical education, climate change, SMEs, youth projects, women and housing.
The deal includes a 100 million euro loan with a 2 percent interest rate to be repaid after a 10-year grace period and over 30 years.
The agreement was signed during a four-day visit to Germany by Egypt’s minister of international cooperation, Sahar Nasr, which ended on Sunday.
Bilateral cooperation between Egypt and Germany currently includes financing sanitation and irrigation projects as well as renewable energy, climate change, environment, SMEs and vocational training, read a ministerial statement.