The agreement converts part of Egypt’s outstanding debt to Germany into a development grant and will be disbursed in two tranches of €25 million each.
Ambassador Schulz highlighted the growing momentum in Egyptian-German cooperation, particularly in the field of green transition projects.
The press conference featured Egypt’s Foreign Minister Badr Abdel Aty, Minister of Planning and Economic Development, Rania Al-Mashat, and Minister Alabali-Radovan.
The minister stated that the meeting reviewed progress on the company’s project to produce stoves in 10th of Ramadan City under the Golden License system.
Speaking to Business Today, Al Mashat highlighted the close strategic partnership between the two countries, particularly within the fields of development cooperation and investments.
