Egypt, Germany sign financial technical agreement
Egypt-Germany, Economics, 11/17/2001

Egyptian Minister of Planning and International Cooperation Ahmad A1 Darsh and German Ambassador to Egypt Baron Paul Von Maltzehn signed on Thursday an agreement on financial and technical cooperation.

Under the agreement, Germany will give Egypt DM 227 million, including 45 million as non-refundable grants and the rest, which amounts to 182 million, in the form of soft loans.

A statement issued by the Ministry of International Cooperation said the sum will be channelled into a number of projects in the field of industry, electricity, drinking water, sanitary drainage, agriculture, irrigation and education in addition to the Mubarak-Kohl project for technical education and vocational training.

Minister A1 Darsh said after signing the agreement, that the value of the German technical cooperation grants Egypt received since 1973 till now reached DM 660 million.

He pointed out that Egypt also received urgent food assistance in 1984 worth DM 150 million, adding that Germany also provided urgent food assistance during the Gulf war in 1990 worth DM 350 million.

On his part, the ambassador stressed the importance of launching a dialogue between the West and East, especially after the September 11 attacks in the United States.

He said that the dialogue has already started during the tours of the region by German Foreign Minister Joschka Fischer, and British Prime Minister Tony Blair with the aim of underscoring the importance of dialogue between the West and Islam.

On the German investments in Egypt, the Ambassador said they are growing and the German private sector injects additional $ one billion in the Egyptian oil industry. Al Darsh indicated that the volume of German investments executed in Egypt until late last June amounted to LE 646 million in 156 enterprises whose total capital hit LE 3.6 billion with a German contribution of 18 percent.

Previous Stories:
  Fourteen German companies looking forward to cooperate with Egyptian agents   (9/8/2001)
  Germany seeks to enhance trade ties with Egypt   (8/2/2001)
  German company invests in Egypt   (4/21/2001)

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