The governments of Germany and Egypt agreed on €370.8 million in soft development finance, grants, and debt swaps to fund 16 development projects in Egypt until 2024, according to an official statement on December 16th.
The projects are being developed in various sectors, including vocational education and training; supporting innovation in the private sector and job market; and energy efficiency and renewable energy.
The financings include €258 million in soft development finance, grants, and debt swaps to support the energy axis in Egypt’s Nexus of Water, Food, and Energy (NWFE) program.
On November 17th, the Egyptian Ministry of International Cooperation signed nine development cooperation agreements with Germany with €160 million in various fields, including technical and vocational education and infrastructure.
It is worth noting that German investments in Egypt amounted to around €2.8 billion at the end of April 2022.
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