Development funding from the EBRD, Germany and Saudi Arabia for Egyptian projects

The German government-run agencies and institutions will pump €132.8 million into 11 projects in Egypt as part of round of bilateral cooperation negotiations between the Egyptian and German governments for the year 2021. This came during the bilateral round of talks, which was held this November virtually between the Egyptian and German governments, with the participation of 41 representatives from Egyptian ministries and government agencies, and 31 representatives from German governmental and development institutions. The funding will take the form of financial contributions and grants, Egyptian Ministry of International Cooperation said in a statement. The projects to start next year cover a range of areas including technical and vocational education, encouraging employment, supporting the private sector, supporting the risk guarantee system, solid waste, promoting the effective use of water, reducing its loss in agriculture, and improving the framework for water management, drinking and sanitation. On the other hand, the Saudi Grant Management Committee's board has approved of financing projects in Egypt with a total fund of EGP 200 million, which is allocated to financing small, medium-sized and micro-sized enterprises. Under the new facility, the ABE (Bank of Alexandria) will obtain EGP 100 million to finance the digital transformation and handicrafts programs for small, medium-sized and micro-sized enterprises. The Minister of International Coope...

2020-11-26 14:37:13

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