Much of the investment will go to human resources, training and even renewable energy.
Egypt and Germany have signed two technical and financial cooperation agreements worth a combined EU 150.5 million (over EGP 3 Billion), with one granting EU 48 million to the education sector and the second financing projects in the electricity sector worth EU 102.5 million.
The first agreement comes in support of President Abdel Fattah Al-Sisi's initiative to invest in human resources as well as promote projects in infrastructure, environment, agriculture and water sanitation, while the second agreement will focus on new and renewable energy, energy efficiency and the support of small and medium enterprises.
The agreements, which were signed by the Minister of Investment and International cooperation, Sahar Nasr, and the German ambassador to Cairo, Julius Georges Lowe, will see that priority goes to the areas most in need. Nasr added that it was agreed upon during the meeting that deals will be set-up for the training of Egypt’s youth in several skills, including receiving support German expertise in the manufacturing sector.
Adding that Germany has already invested around USD 641.4 million in Egypt’s chemical, oil, telecommunication, gas, automobile and iron and steel sectors, Nasr was also quick to highlight the importance of increasing German investment as progress in further building strategic relations between the two countries. Moreover, exports from Egypt to Germany went up to EU 717 million, marking a 9.5 percent increase compared to the previous year.