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Germany pledges to make 258 million euros available to Egypt as debt swap: Minister

Egyptian Minister of International Cooperation Rania al-Mashat explained that Egyptian-German developmental cooperation is witnessing remarkable developments, enhancing Egypt’s developmental efforts in various fields.

Mashat added that, through joint political declaration, Germany has pledged to make 258 million euros available in the form of debt swaps, grants and concessional financing.

The Ministry of International Cooperation announced that it obtained the approval of the House of Representatives for development financing of 54 million euros from Germany to finance the smart energy project within the national platform of the “NWFE” program.

The ministry explained in a statement that the amount includes a grant of three million euros, in implementation of the joint statement issued in November 2023.

It features the participation of 20 development partners, international financing institutions and international alliances, as well as the joint political declaration issued during the “COP27” climate conference between Egypt, Germany and the United States.

The statement noted that Germany and the US have pledged to provide support and assistance to Egypt’s efforts in the green transition towards renewable energy.

The Ministry of Electricity is scheduled to benefit from development financing in implementing a project to add 450 megawatts to the capacity of the Abis transformer and load-reducing station in the new city of Abu Qir, it added.

It will also support the stability of the network after low-efficiency power stations are taken out of service, and improve the access of renewable energy produced in the Red Sea region until the north coast region.

In June, a debt swap agreement worth 54 million euros was signed for the transmission network development project to integrate renewable energy into the electricity transmission network and strengthen it.

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