Germany grants Egypt €57.7m to finance 6 projects

Germany and Egypt have signed a cooperation agreement worth €57.7 million for the financing of six development projects to be implemented in the Arab Republic.
The projects, per the agreement, cover several sectors namely energy efficiency, renewable energy, technical education and vocational training, private sector support, administrative reform, water support, and sanitation, Daily News Egypt reports.
Rania Al-Mashat, Egypt’s Minister of International Cooperation inked the agreement with German Ambassador in Cairo Cyrill Nunn late last week. The agreement is line with the 2019 Financial and Technical Cooperation deals signed between the two sides.
Germany according al-Mashat has so far funded 30 projects in Egypt to a value of €1.7 billion either through loans or technical and financial grants.
The European country is also funding development project through the Debt Swap Program. It has so far released €240 million in three tranches for the implementation of dozens of projects spanning education, clean water and sanitation, energy, infrastructure, and promoting employment.

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