Egypt set to receive US$0.13m from Germany for small projects run by NGOs

EGYPT – The German Embassy in Cairo has announced that it will provide Egypt with a grant of EGP 2 million (US$0.13m) this year, that will go towards small projects run by 10 Egyptian non-governmental organisations. As part of its global initiative in the fight against the novel coronavirus (COVID-19) pandemic, Germany has also created an additional fund of just over EGP 1 million (US$64,000). The finance will go towards supporting Egypt in fighting the pandemic through the projects of six other organisations. German Ambassador in Cairo Cyrill Nunn personally…

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Germany based IMPACC to provide smart equity investment in local social businesses

AFRICA – IMPACC, the Germany-based non-profit organization, has announced plans to provide smart equity investment of between US$30,000 to US$150,000 with a period of 6 to 12 months to local social businesses. These businesses have sustainable high impact that provide innovative solutions to social, economic and environmental challenges affecting the base of pyramid communities in Africa. The move, IMPACC says, is aimed at transforming the local ecosystem by leveraging the disruptive power of innovative local products and services as a driver for inclusive and sustainable growth. “We use the tools…

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Governments of Rwanda, Germany sign US$93m agreement for ICT, green investment and SMEs support

RWANDA – The government of Rwanda and Federal Republic of Germany, have signed two agreements worth €78 million (US$93.4 million) to support key areas that are critical to the attainment of Rwanda’s development objectives. The financing and technical cooperation agreement is the outcome of the Inter-Governmental Negotiations that were concluded in 2020 between the two governments. US$70.6 million of the grant agreement will be provided through KFW Development Bank and will support various initiatives including technical and vocational training, promotion of export oriented SMEs, through the support to Export Credit…

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German turbine makers and natural gas companies explore production green hydrogen DRC

DRC – German turbine makers and natural gas companies are exploring producing green hydrogen in the Democratic Republic of Congo, home to what could become the world’s largest hydropower complex. Congo this year signed a memorandum of understanding with Germany over potential production of the clean fuel. Green hydrogen is made using renewable energy. According to Engineering News, Congo would join Morocco as a potential site for hydrogen production in Africa should the project go ahead. Officials representing two hydroelectric plant companies, a German-based unit of Austria’s Andritz and Voith,…

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Morocco secures US$820m from Germany to fund development projects

MOROCCO – The Kingdom of Morocco has secured a combined total of US$820 million (€701.3 million) from the Federal Republic of Germany to support development projects in the country. A report by Morocco World News indicates that Germany will distribute the funds to Morocco through loans and grants. The agreements will target investments in renewable energy, energy efficiency, sustainable economic development, and water resource management in Morocco. The initiative reflects the excellent state of affairs between the two countries and highlights Germany’s priority sectors in Morocco’s development agenda. It also…

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Morocco to cooperate with Germany to boost business and create investment opportunities

Morocco to cooperate with Germany to boost business and create investment opportunities

MOROCCO – The Kingdom of Morocco, through the Moroccan Investment and Export Development Agency (AMDIE) has sealed a cooperation agreement with the Ghorfa Arab-German Chamber of Commerce and Industry to further strengthen business and investment opportunities between Morocco and Germany. According to a report by Morocco World News, the cooperation agreement aims to establish a framework for cooperation to elevate the reputation of Moroccan companies in the German market and promote business opportunities in Morocco to German investors. With the agreement, AMDIE and Ghorfa intend to organize business missions and…

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Sudan secures US$1.8B in pledges from international community to support economic recovery efforts

SUDAN – The republic of the Sudan has secured over US$1.8 billion in pledges from the international community to be used to boost the nation’s economic recovery efforts. The pledged funding contributions will support Sudan’s Transitional Government in meeting its priorities and launching of a formal process of political support for democratic reforms, peace, and the economic reform agenda. Much of the support will be earmarked for the Family Support Programme, which will provide humanitarian and social support and relief for close to 80% of the country’s population, 40% of…

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Advent, Cinven, RAG consortium to buy Thyssenkrupp elevator unit for US$18.7bn

GERMANY – Thyssenkrupp AG has agreed to sell its elevators division to a consortium of Advent, Cinven and Germany’s RAG foundation for 17.2 billion euros (US$18.7 billion) in what could be the world’s largest buyout this year. The bidding group prevailed against a rival consortium comprising Blackstone Group Inc, Carlyle Group Inc and the Canada Pension Plan Investment Board, which sources said submitted a lower offer. The deal, which is believed to be Europe’s biggest buyout since 2007, values the division at roughly 18 times core earnings and is expected…

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FAO receives additional US$30.9m to fight desert locust outbreak

EAST AFRICA – FAO Director-General QU Dongyu welcomed an €11 million (US$12.1m) contribution from the European Union and €17 million (US$18.8m) contribution from Germany as the UN agency steps up efforts to fight the Desert Locust upsurge which has now spread from East Africa to the Persian Gulf. Germany’s Permanent Representative to FAO, Ulrich Seidenberger, made the announcement at FAO headquarters in Rome. The new pledge comes after Germany already contributed €3 million (US$3.3m). The European Commission announced €10 million (US$11m) would come from the European Commission’s Directorate-General for International…

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German logistics giant, DHL to expand operations in Egypt

EGYPT – DHL, the world’s largest logistics company, has expressed its plans to expand its operations and investments in Egypt which are currently estimated to exceed LE 1 billion (about US$ 64.25 million).  According to Egypt Today, the expansion announcement follows a meeting between Egyptian Prime Minister Mostafa Madbouly and the DHL Express Global CEO John Pearson. Madbouli stressed the Egyptian government’s support for DHL investments that aim at turning Egypt into an e-trade hub in the Middle East and Africa. According to DHL, this intention to expand comes within…

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