Germany offers Egypt $500 million 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 obtained by Reuters

The support will come in the form of grants and concessional funds, a government official told Reuters. The German offer came during a visit to Egypt by German Chancellor Angela Merkel.