Investment and International Cooperation Minister Sahar Nasr and German Ambassador to Cairo Julius Georg Luy inked on Thursday memoranda establishing the framework for doling out development aid by KfW Development Bank and the German International Development Agency (GIZ), according to a statement from the German Embassy in Cairo.
The statement noted that the agreement, which is awaiting ratification by the Egyptian Parliament, will regulate the work of the bodies that carry out development cooperation projects with Egypt, representing the German government.
The statement pointed out that these projects amount to more than €1.6bn in development aid that will be channelled through grants and loans.
Under the agreement, KfW and GIZ will open new offices in Cairo, according to the Investment and International Cooperation Ministry’s statement.
For his part, Luy stressed Germany’s support for Egypt’s ambitious economic reform programme, noting that Germany supports the programme not only as an important member of the World Bank and the International Monetary Fund, but also through bilateral assistance, including financial support for the Egyptian state budget reaching €225m, which was paid to Egypt at the beginning of this year.