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FinancialNews


  • 14-02-19

    Egypt, Germany ink USD250m deal for economic reforms

    (MENAFN) Egypt will receive USD250 million from Germany as an effort to back its economic reforms under a newly signed deal.

    Egyptian Minister of Investment and International Cooperation, Sahar Nasr penned the pact with Head of the Africa/Middle East Directorate at the German Development Bank, Helmut Gauges.

    According to the Egyptian minister, the amount to be given is considered as the second tranche of a USD500 million soft loan.

    Nasr stated that "signing the agreement reflects the confidence of Germany and financial institutions in the success of Egypt's socio-economic reform program."

    He also applauded Egyptian-German economic relations between Egypt and Germany, adding that Germany allocated a total of USD7.1 billion of investments for Egypt in the last four years.

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