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Germany rolls over Egyptian debt into aid

The Local · 12 Aug 2011, 16:17

Published: 12 Aug 2011 16:17 GMT+02:00

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The outstanding loans will be swapped and used over the next four years to finance projects "subject to government consultations," and come in addition to €150 million pledged by Germany for Egypt for the period 2011-2013.

Visiting Egyptian Foreign Minister Mohammed Amr, on his first trip to Europe since taking office last month, said that the assistance would lend the country a vital hand as it pursues democratic reforms.

He said Cairo needed assistance so the transformation would "also bear fruit for the Egyptian people."

"The Egyptian economy must have a future if the democratic transition is to take hold in the long run," he said, in remarks translated into German by an interpreter.

The Egyptian economy, which depends in large part on tourism, has seen a dramatic drop in arrivals and near zero economic growth during and after the revolt that ousted former president Hosni Mubarak in February.

Egypt, which estimates it needs between 10 and 12 billion dollars in international funding to keep it going until mid-2012, had courted loans worth roughly $6 billion from the International Monetary Fund and the World Bank.

Story continues below…

But it withdrew the request in June in the name of greater economic independence.


The Local (news@thelocal.de)

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Your comments about this article

21:19 August 12, 2011 by duckys
i guess giving a lot of hard cold cash to Greece and then letting Egypt off the hook with money that is owed to Germany is no big deal!??!!

Sometimes I really think regardless of what country we are talking about that country just kicks itself in the balls on purpose?!?!

I feel that history is repeating itself...
21:29 August 12, 2011 by toemag
Not to worry Duckys, wait until Germany defaults on its bung money promises and see what what happens...
22:11 August 12, 2011 by Kennneth Ingle
Nothing new about this, both Britain and Germany have governments which give away money they do not have!

The tax-payer is not there just for fun.
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