Minister of Planning, Economic Development, and International Cooperation discusses expanding the Debt Swap for Development Program with her German counterpart

Dr. Rania Al-Mashat and her German counterpart discuss preparations for the Gaza Reconstruction Conference and praise joint coordination between Egypt and Germany

 

At the conclusion of the Egyptian-German Joint Negotiations held in the German capital, Berlin, H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, discussed with Ms. Reem Alabali-Radovan, German Federal Minister for Economic Cooperation and Development, the expansion of the Debt Swap for Development and Climate Action Program between Egypt and Germany.

 

H.E. Dr. Rania Al-Mashat affirmed that the joint program between Egypt and Germany represents a model for partnership in innovative financing, anticipating what international institutions and the international community are calling for at this time, as it was first implemented at the beginning of the third millennium, and she explained that the most distinctive feature about the program is the governance approach adopted by Egypt in negotiating, implementing, and directing the value of exchanges to priority development projects.

 

H.E. praised the partnership between Egypt and Germany in implementing the program, which amounts to €340 million, through which numerous development projects have been implemented in the fields of education, health, renewable energy, drinking water and sanitation, investment in human capital, and water resources management, among others. H.E. noted that the tranche signed during the visit, worth €50 million, for the project connecting ACWA Power 1 and 2 stations with a combined capacity of 1,100 MW to the national electricity grid, supports the state’s efforts in green transition and in implementing the Nationally Determined Contributions (NDCs).

 

H.E. noted that Egypt–Germany relations have witnessed significant progress, particularly since COP27 climate conference and the implementation of the Joint Political Declaration, which reaffirmed the close ties between the two countries and paved the way for expanding the Debt Swap Program for development and climate action.

 

For her part, the German minister emphasized Germany’s keenness on its historic relations with Egypt and on developing them across various levels, particularly in the areas of economy, trade, and investment.

 

The two ministers discussed preparations for the Gaza Reconstruction Conference and praised Egyptian-German coordination to consolidate the historic peace agreement announced in Sharm El-Sheikh. In this context, the German minister praised the role of the Egyptian state, under the leadership of H.E. President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, in concluding the historic peace agreement regarding Gaza in order to preserve regional stability, as well as Egypt’s ongoing role in implementing reconstruction efforts.

 

It is worth noting that the Egyptian-German negotiations resulted in financing agreements, debt swap, and grants worth €294.5 million, equivalent to approximately EGP 16 billion, divided between an innovative financing package and debt swaps worth €171.5 million to connect renewable energy plants under the “NWFE” platform and empowering the private sector, in addition to the signing of the Egyptian-German Negotiations Protocol worth €123 million to finance several future projects.