Cairo, Berlin set to sign new finance agreements worth 207 million euros: Minister Nasr

Ahram Online , Saturday 10 Jun 2017

Minister Sahar Nasr
Investment and international cooperation minister Sahar Nasr and transportation minister Hisham Refaat (R) during a meeting with representatives from Germany's Siemens and US General Electric (Photo Courtesy of MOIC website)

Cairo and Berlin are set to sign new finance agreements worth 207 million euros, Egypt's investment and international cooperation minister Sahar Nasr announced on Saturday.

In press statements reported by Al-Ahram Arabic news website, Nasr said that the inking of the agreements will take place soon during a joint investment forum in Berlin, which aims to bolster economic cooperation between the two countries.

The agreements will include projects related to renewable energy, agriculture, and entrepreneurship, with grants to represent 30 percent of the finance agreements.

The forum will be attended by a number of Egyptian and German investors.

The statements by the Egyptian minister come one day after she met with German conglomerate Siemens to discuss investments to develop Egypt's railway systems.

German investments in Egypt are estimated at €1.5 billion and provide around 22,000 jobs, according to statements by the German envoy in Egypt last February.

In February, Egypt's President Abdel-Fattah El-Sisi and German Chancellor Angela Merkel inaugurated the first stage of a Siemens megaproject to build three new power plants in Egypt.

The first phase of the project to bolster the country’s power capacity was completed in January, with 4.8 gigawatts of power connected to the national grid, according to the Siemens website.

In 2015, Siemens signed an €8 billion ($9 billion) deal with the Egyptian government to build three combined-cycle power plants and 12 wind power installations at a capacity of 16.4 gigawatts.

The project aims to boost Egypt’s power generation capacity by around 50 percent by May 2018.

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