Germany offers Egypt $500 million to support economy

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Egypt's President Abdel Fattah al-Sisi and German Chancellor Angela Merkel shake hands following a news conference at the El-Thadiya presidential palace in Cairo, Egypt, March 2, 2017. REUTERS/Amr Abdallah Dalsh

CAIRO  – Germany has offered Egypt $500 million to support its economic programme and medium-sized and small businesses, the Egyptian ministry of investment and international cooperation said on Friday.

“It was agreed with the German side (that they would) provide $250 million to support the economic programme … as well as $250 million to support several other sectors, including micro-enterprises and small and medium-sized enterprises, ” it said in a statement.

The support will come in the form of grants and concessional funds, a government official told Reuters. The German offer came during a visit to Egypt by German Chancellor Angela Merkel.

 

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