Egypt agrees with Germany on development financing pacts, grants: Int’l cooperation ministry

An agreement has been reached with Germany on development financing pacts and grants, said the International Cooperation Ministry.

This came as part of round of Egyptian-German governmental negotiations for 2022 in light of the joint efforts to agree on the projects which will be financed.

The meeting, which was held virtually, was chaired by the International Cooperation Ministry from the Egyptian side and the Federal Ministry for Economic Cooperation and Development from the German side.

An agreement was reached on the framework of future cooperation until 2024, which is represented in the allocation of development financing pacts, grants and debt swaps at a value of 370.8 million euros, through which 16 development projects will be implemented in several sectors, including technical and vocational education.

The current development cooperation portfolio with Germany records 1.6 billion euros, through which 30 projects were funded in the form of concessional development funds, technical support and financial contributions, They benefited many sectors, including energy efficiency and renewable energy drainage, irrigation, water support, solid waste management, migration and labor market innovation in the private sector, technical education, vocational training, urban development, administrative reform, women, youth and social development, according to the website of the International Cooperation Ministry.