Egypt and Germany signed on December 23 two agreements worth EUR 150.5 mn for the technical and financial cooperation between the two countries, Invest-Gate reports.

The agreements were signed by Egypt’s Minister of Investment and International Cooperation Sahar Nasr and German Ambassador to Cairo Julius Georges Lowe, according to a ministerial statement.

According to Nasr, the first agreement is for technical cooperation via Germany’s grant of EUR 48 mn that will be used for developing the education sector, as part of the Egyptian president’s initiative for investment in human development, while funding the sectors of infrastructure, environment, agriculture, water and sanitation, as well as small- and medium-sized enterprises (SMEs).

In addition, the second agreement is for the financial cooperation between the two sides to finance a handful of projects worth EUR 102.5 mn in the electricity sector, as well as new and renewable energy, energy efficiency, agriculture, and SMEs sectors.

Meanwhile, the minister stressed on the importance of raising German investments under the strategic relations between both countries, underlining that Germany’s investments in Egypt stand at nearly USD 641.4 mn, with 1,103 companies in the sectors of chemicals, oil, telecommunications, gas, automobile industry, iron, and steel.