Egypt and Germany signed a protocol of economic cooperation worth EUR 129 mn, comprising the implementation of projects over the next four years, while announcing intentions for a new Egyptian-German initiative for the training of vocational and technical education, Invest-Gate reports.

The agreement comprises projects in the energy sector of EUR 43 mn, others in the water sector worth EUR 39 mn, in addition to EUR 45 mn for projects in the economic development sector, according to a ministerial statement on October 30.

It was signed between Minister of Investment and International Cooperation Sahar Nasr and German Development Minister Gerd Mueller during the third committee for bilateral cooperation between Egypt and Germany in Berlin.

German investments in Egypt have reached USD 641.4 mn through 1,103 companies, ranking the European powerhouse 20th among countries investing in Egypt, Nasr has earlier stated.