Germany offers Egypt $500m to support economy
Germany has offered Egypt 500 million dollars to support its economic programme and medium-sized and small businesses, the Egyptian Ministry of Investment and International Cooperation said on Friday.
The ministry said in Cairo that 250 million dollars would be used to support the economic programme while the other sum would be used for several other sectors.
“It was agreed with the German side would provide 250 million dollars to support the economic programme as well as 250 million dollars to support several other sectors, including micro-enterprises and small and medium-sized enterprises, ” it said in a statement.
The support will come in form of grants and concessional funds, a government official told Reuters.
The German offer is coming after the German Chancellor Angela Merkel visited Egypt.
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