Cairo - During the signing ceremony, Sahar Nasr, Minister of investment and international cooperation, signed financing agreement of a €115 million for the establishment of a wind station in the Gulf of Suez, MENA reported. Mohamed Omran, Head of the New and Renewable Energy Authority and Director of the eastern neighbors and central Asia department at the European Investment Bank (EIB) Heinz Olbers signed the agreement. Along with the financial assistance, that reached 345 million euros, from the French Development Agency, the European Union, and the German Development Agency. Olbers mentioned that the agreement came amid attempts for boosting relations with Egypt, especially on economic and investment levels. While Nasr asserted it's a step toward expanding Egypt's share from renewable energy generation. Olbers further added that the EIB would sign a €500 million financing agreement with Banque Misr to finance the private sector development and encourage banks to support the small and medium-sized enterprises.