Dr. Christoph Schaefer, Director of the German Development Bank, Cairo Office, said that the size of the bank’s financing portfolio in Egypt amounts to about 1.1 billion euros in the form of grants, loans, and debt exchanges with the Egyptian government.
He said during the conference organized by the Investment for Employment Initiative today, that German Development Bank is one of the banks operating in Egypt for 30 years, and we consider ourselves friends of Egypt.
Schaefer added that there is also dealing in Egypt in the areas of renewable energy, fuel efficiency, and projects concerned with strengthening the private sector, as well as with commercial banks, as well as waste management and sewage projects.
He pointed out that the bank contributes to the investment for employment initiative, and also has a specialized bank to deal with the private sector, which is DEG Bank, explaining that this bank also began to be present in the Egyptian market and its activity began to increase.
Schaefer noted that the bank, as affiliated with the German federal government, has a number of priorities in climate-sensitive projects, which also lead to a just transition, and also provide equal opportunities, adding that growth can only be achieved through fair employment opportunities.
He stated that the Investment for Employment Initiative is a regional initiative of the German Cooperation Ministry since 2019, adding that Egypt faces the threat of unemployment and unregulated employment.
