Germany to fund 3 development programs in Egypt

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Minister of International Cooperation Rania Al-Mashat and German Ambassador to Egypt Frank Hartmann have penned a cooperation agreement worth €103.5 million to fund three development programs across Egypt, as per a statement.

Under the agreement, €65 million will be allocated to the fourth phase of financing micro, small, and medium-sized enterprises (MSMEs) through Banque du Caire, in addition to a sum of €3 million as supplementary grant.

Furthermore, €20.51 million is earmarked for the Comprehensive Technical Education Initiative's third phase, benefiting the Ministry of Education and Technical Education in Egypt.

Also, Germany will support the risk management mechanisms program of the Central Bank of Egypt (CBE) with €15 million.

The German Parliament recently approved an additional tranche worth €50 million under the Egyptian-German debt swap.

Looking ahead, both nations plan to convene governmental negotiations in Berlin in the fourth quarter of the year to determine projects for funding from 2024 to 2026.