Trade between Egypt and Germany reached around €6 billion last year, Schulz said.
The agreement converts part of Egypt’s outstanding debt to Germany into a development grant and will be disbursed in two tranches of €25 million each.
Ambassador Schulz highlighted the growing momentum in Egyptian-German cooperation, particularly in the field of green transition projects.
The press conference featured Egypt’s Foreign Minister Badr Abdel Aty, Minister of Planning and Economic Development, Rania Al-Mashat, and Minister Alabali-Radovan.
The minister stated that the meeting reviewed progress on the company’s project to produce stoves in 10th of Ramadan City under the Golden License system.
