CAIRO: Egypt and Germany has signed a cooperation deal, per which Berlin will provide Cairo with 153 million Euros ($174m) to establish projects in six fields, Egyptian Minister of International Cooperation Sahar Nasr said in a statement Friday.
Nasr, who chaired the Egyptian delegation in the Egyptian-Germany Joint Committee meetings held in Berlin, stated that the projects are in the fields of renewable energy, technical education, climate change, small and medium enterprises, and housing in addition to other projects for the youth and women.
The deal will be paid in two installments; 100 million Euros will be paid in soft loans with 2 percent interest over 30 years while the other 53 million Euros will be given to Cairo in grants, Nasr added.
Both sides have agreed to establish a technical school in Egypt in cooperation with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and Siemens Co., Nasr said.
Germany’s Siemens is currently carrying out energy projects in Egypt. During the past two years, Egypt and the company have reached agreements that are expected to increase the country’s power generation capacity by up to one third before 2020, according to a statement by Siemens in February 2015.