Egypt, Germany sign EUR 118 mn financing agreement

We're getting fresh funds from Germany: Egypt and Germany inked an EUR 118 mn financial cooperation agreement dedicated to supporting the education and energy sectors, according to a Planning Ministry statement.

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EUR 86 mn for energy: The funds dedicated to the energy sector — split between EUR 54 mn in concessional financing and an EUR 32 mn grant — will fund part of Acwa Power’s 1.1 GW wind farm.

And EUR 32 mn for education: The agreement includes an EUR 32 mn grant to support the Comprehensive Technical Education Initiative, helping establish 25 centers of excellence including applied technology schools.

The two sides also signed a EUR 21 mn debt swap agreement, under which Egypt will use funds owed to Germany to fund renewable energy upgrades. The agreement brings the total value of the Egypt-Germany debt swap program to EUR 297 mn.

ICYMI- Last December, Egypt and Germany inked grant and debt swap agreements totaling around EUR 77.3 mn to fund development projects across various sectors.