German Chancellor Angela Merkel invited Egyptian President Abdel Fattah Al-Sisi to a first of its kind state visit to Germany.
Vice-Chancellor and Minister for Economic Affairs and Energy Sigmar Gabriel delivered the invitation during a meeting with Al-Sisi while attending the Economic Summit in Sharm El-Sheikh, according to the German business newspaper Handelsblatt.
The visit would be Al-Sisi’s first to Germany. In September, Al-Sisi was invited by Merkel to visit Germany after parliamentary elections in Egypt.
The elections were set to be held following the drafting of the elections’ laws. However, earlier this month, the Supreme Constitutional Court (SCC) ruled one of the laws unconstitutional. The ruling led to further postponement of the elections, leaving legislative powers in the president’s hands until a parliament is elected.
Gabriel told German businessmen in Sharm El-Sheikh that the situation in the Middle East depends on Egypt’s stability, Handelsblatt reported.
However, he also stated that “stabilisation of military dictatorships only results in limited [success]”.
German investment in Egypt was evident at the Sharm El-Sheikh conference, as shown in Gabriel’s attendance and deals signed with the Egyptian government.
Siemens AG, the leading German multinational engineering company, reached agreements with the Egyptian government to build a 4.4 gigawatt Beni Suef power plant, along with a wind power plant in the next couple of years.
President and CEO of Siemens AG Joe Kaesser said Saturday: “The president told me we should make good financing, so we said we’ll provide a 12 year financing for these projects, and agreed on a 1.6% interest rate.”
He did not give a value for the deal, but said he and Al-Sisi “shook hands on it, and that was more than enough”.
According to a statement from the Ministry of Electricity, a total of four memorandums and deals were signed on Sunday between Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker, the German Minister Gabriel, and Siemens representatives, totalling $10bn.
The German company has also agreed to donate €12m to the Egyptian people, upon the request of Al-Sisi.
“We have operations in this country since 1901, for over 100 years, and we have seen crisis in this country come and go,” said Kaesser, confirming that his company is committed to the Egyptian market, and is committed to “adding value to the society”.