Egypt to receive €151.5 mln fund from Germany to finance 15 projects in 8 sectors

Doaa A.Moneim , Wednesday 18 Aug 2021

The facility is meant to support Egypt’s Vision 2030 and its endeavours to achieve the United Nations’ Sustainable Development Goals

Annual negotiations meeting
Images for the participants of the annual negotiations meetings which was held between Egypt and Germany. Photo courtesy of Ministry of international cooperation Facebook page

Germany is set to allocate soft development funds to the tune of €151.5 million to finance 15 development projects in eight sectors in Egypt, the Ministry of International Cooperation announced on Wednesday.

The sectors are technical education, vocational training, innovation in the private sector, migration, labour, administrative reform, urban development, and renewable energy.

The approved facility comes within the framework of the joint economic relations between Egypt and Germany, which aims to support Egypt’s Vision 2030 and its endeavours to achieve the United Nations’ Sustainable Development Goals.

The announcement was made at the annual negotiations meetings held between Egypt and Germany, headed by Sherihan Bakhit, assistant minister of international cooperation in charge of the Americas and Europe portfolios, and Mario Sander, head of the Development Cooperation with the Middle East at the German Federal Ministry for Economic Cooperation and Development.

The meeting was meant to set a general framework for the projects Germany will finance in Egypt. The two sides signed initial accords in preparation for the upcoming annual financial and technical cooperation agreements.

The meeting saw the participation of 45 representatives from the Egyptian and German ministries of foreign affairs, electricity and renewable energy, housing, utilities and urban communities, environment, trade and industry, education, emigration, manpower, and local development, among other attendees.

Egypt's ongoing development cooperation portfolio with Germany amounts to €1.7 billion, through which 30 projects were financed in the form of funds, technical support grants, and financial contributions, benefiting many development sectors, such as technical education, vocational training, sewage, irrigation, water support, solid waste management, migration, labor, administrative reform, urban development, gender equality, youth and social development.

There is also a €240 million debt-swap programme between the two countries.

During the first half of 2021, Egypt signed 12 development financing agreements worth €197 million within the framework of the joint cooperation strategy with Germany across various priority sectors, pushing towards the achievement of local and global development targets, stated the Ministry of International Cooperation.

 
 
 
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