The German Development Bank (KfW) will disburse the second tranche of a subsidized loan of USD 500 million for Egypt, an estimated USD 250 million.
Initialed Wednesday, February 13 in Cairo by the Minister of Investment and International Cooperation, Sahar Nasr, and Helmut Gauges, Director of the Africa / Middle East Directorate of KfW, the agreement aims to support social development in the region. part of the Egyptian government’s economic reform program.
« The agreement is part of efforts to promote cooperation between Egypt and Germany. It also reflects the confidence of Germany and international foundations in Egypt’s economic and social reform agenda, « the Egyptian ministry said in a statement.
In October 2017, Germany disbursed the first tranche of the loan (US $ 250 million), half of which was intended to support the country’s economic reform program and the rest to finance micro, small and medium-sized enterprises. local.
It should be noted that German investments in Egypt reached US $ 7.1 billion over the last four years, with 1,215 German companies investing in various fields, including petroleum, petrochemical, automotive, telecommunications, air transport and steel.