Egyptian President Abdel Fattah El-Sisi has ratified a 2021 financial cooperation agreement with Germany worth €103.5 million ($113.7 million), the Official Gazette said on Thursday. The deal, approved under Presidential Decree No. 502 of 2024, includes concessional financing and grants to support small business lending, technical education, and risk management projects. Signed with the German Development Bank (KfW), the deal aims to boost social and economic development, expand credit access for small businesses, and support women's empowerment and poverty reduction initiatives, according to the Official Gazette. The financing package includes a €65 million concessional loan for the fourth phase of a programme supporting micro, small and medium-sized enterprises (MSMEs). The loan carries a 30-year maturity, including a 10-year grace period, and a 2 per cent annual interest rate. The agreement also provides €3 million in accompanying funds for project implementation and €35.5 million in grants to support a technical education initiative and the second phase of a risk management mechanisms project, subject to feasibility studies. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
