Germany to issue funds for development projects in Egypt

Arab World Materials 21 September 2011 14:03
Germany to issue funds for development projects in Egypt

Azerbaijan , Baku, Sept. 21 / Trend , A.Isgandarov /

Germany has pledged to provide € 90 million to finance the development projects

in Egypt , German Ambassador to Cairo Michael Bock told Al Ahram newspaper.

The project sponsored by the German government aims at financing the development projects in the areas of water provision, sanitation, renewable energy and education in Egypt.

"Germany repeatedly voiced its support to Egypt for the democratic transition process by providing the necessary financial support and technical assistance estimated at € 240 million," Bock said at a press conference.

The UAE has recently offered to set the Fund for Enterprise Development in Egypt at cost Dhs1.5 billion and allocation of Dhs750 million as easy loans for different projects in Egypt.

The stability broke in Egypt on January 25 2011, after tens of thousands of protesters gathered in Cairo and thousands more in cities throughout Egypt to protest President Hosni Mubarak's government.