Egypt secures $500 million from Germany to support economy


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.

Reuters reports that the funds will be given to the North African nation in the form of grants and concessional funds.

This was agreed during German Chancellor Angela Merkel’s visit to Egypt.