German ambassador to Cairo calls for more privatisation of public companies

German ambassador to Cairo Frank Hartmann stated that it is useful for the government of Egypt to carry out privatisation operations on a large scale in various economic sectors, the most important of which is industrial sector, and that many countries and investors want to continue their business and expand their investments, by increasing their participation or ownership.

Hartmann explained that the percentage of participation of foreign companies in projects does not exceed 20 or 30 %, which is less than the required one.

He called for opening a greater scope for foreign investors to participate in business and invest in these vital economic fields.

During a press conference held on Tuesday, the ambassador said that his country supports the economic stability of Egypt through several axes, including tourism and energy.

Hartmann added that there are up to 1.3 million German tourists arriving in Egypt annually, noted that the number of German tourists in Egypt is very large, noting that trade exchange between the two countries reached €5.2bn.

He further pointed out that there are German contributions in fields of renewable energy in Egypt, as it was agreed that Germany would provide Egypt with up to €285m for energy support during Sharm El-Sheikh Climate Change Conference (COP27) through a debt swap programme.

Hartmann elaborated that the total amount that Germany provided to Egypt this year amounted to €500m.