The Banking Executive Magazine - July 2024 Issue

Egypt and Germany Ink € 103M Agreement Egypt and Germany Ink € 103M Agreement for Micro-Enterprise Financing and Technical Education Egyptian Minister of International Cooperation, Dr. Rania Al-Mashat, and German Ambassador to Egypt, Frank Hartmann, have signed a fi- nancial cooperation agreement be- tween Egypt and Germany worth € 103.5 million. This agreement aims to fund three development initiatives. The breakdown of the funding is as follows: • Micro, Small, and Medium Enter- prises Financing: The fourth phase, benefiting Banque du Caire with soft financing amounting to € 65 million. • Supplementary Grant: A financial contribution of € 3 million. • Comprehensive Technical Educa- tion Initiative: The third phase for the Ministry of Education and Technical Education, worth € 20.51 million. • Risk Management Mechanisms Program: For the benefit of the Central Bank of Egypt, with € 15 million allocated. This signing took place at the Min- istry of International Cooperation’s headquarters in the New Administra- tive Capital. Present at the meeting were Mario Sander, Head of the Mid- dle East Department of the German Federal Ministry for Economic Coop- eration and Development, German Ambassador Frank Hartmann, and a team from the German Embassy in Cairo and the German Federal Min- istry for Economic Cooperation and Development. The discussions fo- cused on areas of joint cooperation aligned with Egypt's development priorities and reviewed ongoing proj- ects funded by the German govern- ment. During the meeting, the progress of the new tranche of the debt swap program between Egypt and Ger- many, worth € 100 million, was also discussed. The German Parliament recently approved a tranche worth € 50 million, and procedures for the second tranche are being finalized. This discussion is set against the backdrop of strong partnerships be- tween Egypt and Germany. Dr. Al-Mashat highlighted the robust cooperation with Germany in vari- ous development sectors, including climate action, renewable energy, and energy efficiency. This collabo- ration was exemplified by the politi- cal declaration issued by the governments of Egypt, Germany, and the United States on November 11, 2022, during the COP-27 Climate Summit, supporting the energy axis of the NOVI program. the BANKING EXECUTIVE 16 ISSUE 187 JULY 2024