Cairo – Mubasher: Egypt and Germany have signed the second tranche worth $250 million of the $500 million German economic and social support.

The deal was signed by Egyptian investment and international cooperation minister Sahar Nasr and KfW Group’s board member Helmut Gauges, with the presence of the German ambassador in Cairo Julius Georg Luy.

The loan will be used to bolster the social part of Egypt’s economic reform programme, Nasr said.

This agreement highlights the continuous collaboration between the two countries and Germany’s confidence in the success of Egypt’s reform progamme, the minister indicated.

Nasr called German companies to step up their investments in Egypt, pointing out that almost 1,215 German firms have invested around $7.1 billion in the country over the past four years.

She also praised development cooperation between both countries that reached EUR 2.1 billion from KfW Group and the German Corporation for International (GIZ).

In the same vein, the minister, Germany’s ambassador, and KfW’s representatives have discussed the possibility of a debt swap for EUR 170 million over the coming period.