German Finance Minister’s Visit to Egypt Boosts Economic Ties

By Nawal Sayed

CAIRO, Feb. 2 (SEE) - German Minister of Finance Peter Altmaier visits Egypt from Feb. 2-4, in the company of a parliamentary and economic delegation. The visit aims to follow up economic reforms that Egypt has amended and boost economic relations between Cairo and Berlin.

Altmaier and Egyptian minister of Industry and Trade is expected to inugurate the fifth edition of the common economic committee on Feb.4.

Altmaier will hold talks with President Abdel Fattah El Sisi, Prime

Minister Moustafa Madbouli and other concerned ministers, according to a

statement issued by the German Embassy in Cairo.

This is the first visit to Egypt for Minister Altmaier who will pay a

visit to the largest Catherderal in the Middle East, located in the new

administrative capital eastern Cairo, Al-Fattah Al-Alim Mosque and the

electricity plant run by Siemens.

“Altmaier will witness the official groundbreaking ceremony to establish

the International German University,“ the statement read.

Commenting on Minister Altmaier’s visit, Ambassador

Julius Georg Loy said that "The visit of Minister Altmaier reflects

Germany's great interest in Egypt as an important economic partner."

"It also provides an excellent

opportunity to develop economic relations and discuss the progress of the

ambitious economic reforms of the Egyptian government since the last visit of a

German Finance Minister to Egypt in April 2016,“ Loy added.

He stressed that Egypt has taken

fundamental and bold reform decisions and now faces the challenge of continuing

to undertake fundamental structural reforms and continue its efforts to achieve

sustainable development on the basis of market economies under difficult

framework conditions as well.

Germany is one of the most close economic

partners to Egypt. In 2018, it was Europe's largest trading partner with trade

volume of about $6 billion.

Germany also supports Egypt's economic

reforms under the International Monetary Fund (IMF) package and through

bilateral loans worth $500 million dollars (450 million euros).

German tourists also represent the largest

foreign tourist group visiting Egypt.