Egypt and Germany on Sunday signed two agreements worth €150.5 million (around $171 million) for technical and financial cooperation, the Egyptian Ministry of Investment and International Cooperation said.
According to a statement published by the ministry, the agreements were signed by Minister Sahar Nasr and German Ambassador to Cairo Julius Georg Luy.
The first agreement was struck on technical cooperation through a grant worth €48 million (around $54.6 million) in the education sector, under President Abdel-Fattah El-Sisi’s initiative to invest in human capital, as well as support infrastructure, the environment, agriculture, water and sanitation, and small and medium-sized enterprises (SMEs).
The second deal was on financial cooperation and is worth €102.5 million (around 116.7 million) to fund a number of projects in the fields of electricity, renewable energy, agriculture, and SMEs.
Nasr said the grants for SMEs would be directed to the most deprived areas to benefit youth and women.
The minister praised the cooperation between the two countries, highlighting German investments in Egypt, which are totaled at $641.4 million.
Lowe praised the cooperation with Egypt, saying that the agreements come in the framework of boosting ties between the two countries.