Negotiations held in Berlin between Egypt and Germany have resulted in agreements covering financing, debt-swap arrangements and grants worth a total of $341.26 million — the equivalent of roughly 16 billion Egyptian pounds.
The announcement was made by Egypt’s Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, who is visiting the German capital. During her stay, the Egyptian minister met her counterpart, Reem Alabli Radovan, according to an official statement released on Wednesday, 19 November.
Talks focused on expanding the “Debt-for-Development and Climate Action Swap Programme,” which includes several components: innovative financing mechanisms; a $198.5 million debt-swap aimed at connecting renewable-energy plants to the NWFE (Nexus of Water, Food and Energy) programme; and initiatives to strengthen private-sector empowerment, the statement said.
The programme also includes the signing of an Egyptian-German negotiation protocol worth $142.37 million to finance a number of future projects.
The two countries also signed an agreement for a converted debt tranche of $57.88 million dedicated to connecting the Aqua Power 1 and 2 stations — with a combined capacity of 1,100 MW — to the national electricity grid. The project is expected to support the government’s transition-to-green agenda and help achieve its Nationally Determined Contributions (NDCs).
“What most distinguishes the Egyptian-German programme, which stands as a model for early-stage financing partnerships, is the governance strategy adopted by Egypt,” the minister noted, as reported by local media.
She added that this strategy guides the negotiation process — both in selecting projects and in directing the value of exchanged debt toward high-priority development initiatives — praising the partnership between Egypt and Germany in implementing the debt-swap programme, which totals $393.6 million, or nearly 18.05% of Egypt’s total debt owed to Germany.
The two officials also discussed preparations for the Gaza Reconstruction Conference and welcomed Egyptian-German coordination aimed at strengthening the historic Sharm El-Sheikh peace agreement, according to the same source.
AK/lb/as/APA