Egypt, Germany sign EUR 1.6 bn development aid framework: Investment and International Cooperation Minister Sahar Nasr and German Ambassador to Cairo Julius Georg Luy inked on Thursday memorandums establishing the framework for doling out development aid by the KFW development Bank and the German international development agency (GIZ), according to a statement from the German embassy. Some EUR 1.6 bn in development aid will be channeled through grants and loans governed under the framework. Under the agreement, KFW and GIZ will open new offices in Cairo, according to an investment ministry statement.

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