Minister of International Cooperation Rania Al-Mashat held Sunday a virtual meeting with Claudia Farning, director general of the German Federal Ministry for Economic Cooperation and Development, to discuss the launch of the third phase of the debt swap programme for development between the two countries, and development financing priorities for the coming period.

The third tranche of the debt swap programme is worth €80 million and focuses on projects related to technical and vocational education and supporting job creation.

During the meeting, both sides reviewed projects underway in the first phase of the programme, which is worth €70 million, as well as the implementation of projects of the second phase, which are worth €90 million and which will be implemented in education, clean water and sanitation, energy, infrastructure sectors and promoting employment.

Egypt’s Ministry of International Cooperation is committed to expand debt swaps that contribute to reducing Egypt’s foreign debt through using these debts to finance development projects and initiatives. Al-Mashat noted that bilateral cooperation between Egypt and Germany covers a multi-sectoral array of projects in many vital areas, including renewable energy, energy efficiency, irrigation, water resources, improving sanitation, solid waste management and supporting the private sector.

The two sides also discussed procedures concerning inking a memorandum of understanding (MoU) for the Middle East and North Africa region to support the private sector through a grant worth €3 million in partnership with Egypt’s Ministry of Trade and Industry.

The current cooperation portfolio between Egypt and Germany amounts to $956.8 million, across several sectors including SMEs, the environment and clean energy, according to the Ministry of International Cooperation.