The House of Representatives approved non-refundable grants worth €80.5 million, from Germany and the European Investment Bank (EIB), to implement a number of development projects, according to report released by Minister of International Cooperation (MOIC).

Germany, via Tameer Deutsche Bank, is extending a remarkable financial aid of €80 million.

This funding will be allocated in two parts: €28 million will be directed towards bolstering risk management and credit guarantee mechanisms, specifically tailored to address the financing requirements of small and medium-sized enterprises (SMEs).

Additionally, a sum of €32 million will be allocated to support the Comprehensive Technical Education Initiative in Egypt.

Furthermore, a sum of €20 million has been allocated to the Ministry of Environment's National Solid Waste Management Program.

On the other hand, the House of Representatives approved Presidential Resolution No. 613 of 2023 approving the consultative cooperation agreement to support green industry projects with a value of €500,000 as a grant from the EIB.

According to MOIC, The development cooperation portfolio between the Egypt and Germany amounts to about €1.6 billion, through which 30 projects were financed.

While the current development portfolio with the European Investment Bank amounts to approximately €3.5 billion.