Minister of Investment and International Cooperation Sahar Nasr announced on Friday that Germany will provide $500 million to support the economic program for small and medium-sized enterprises in Egypt.
Nasr added in a statement Friday that she agreed with Germany to provide $250 million to support the government's economic program, and $250 million to support micro, small, and medium-sized enterprises.
A government official told Reuters, on condition of anonymity, that the German support will be in the form of grants and concessional funds.
The agreement was concluded on Thursday evening, during the German-Egyptian business forum held for the visit of German Chancellor Angela Merkel to Egypt, according to Nasr.
Nasr said she looks forward to increasing German investments in Egypt, as the country enjoys a distinguished location, linking Africa and Asia; has a strong economic program; and is working to create a more friendly business environment.
She explained that the ministry has recently completed the investment draft law and that it is currently being debated by the House of Representatives (parliament); adding that her office is open for all investors, whether from Germany or any other country.
Investment is not just about the law, but rather its application, Nasr stressed; adding that she and her team are working to remove the bureaucracy and to address the challenges that face investors in the private sector.
Nasr concluded, saying Germany ranks 20th among investors in Egypt and that she is hoping to further increase German investment in Egypt very soon.
