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Egypt, Germany sign 36m-pound agric. grant

by OtownGist

Egypt and Germany on Monday signed a 36-million-pound grant agreement to guarantee high-quality of agricultural production.

The agreement aims at improving the quality of agricultural products and setting up a platform for dialogue between the two countries’ experts as regards agricultural production.

The agreement was signed by Investment and International Cooperation Minister, Sahar Nasr and German Ambassador, Cyrill Nunn.

Nasr said the agreement would boost the agricultural production sector and achieve food security.

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The minister called on the German companies to pump more investments into the Egyptian market, noting that German investments in Egypt are estimated at 7.4 billion dollars.

There are 1,215 German companies operating in Egypt in the petroleum, iron and steel, gas, communications, car manufacturing, chemicals and car components.

She lauded the size of cooperation between Egypt and Germany which now stands at two billion Euros.

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The German diplomat lauded economic reforms in Egypt, saying the Egyptian economy is progressing and this is clearly reflected in the growing trade volume between the two countries.

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He also praised the improvement of Egypt’s business climate that encouraged German companies to increase investments in the country.

NAN

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