Egypt, Germany sign €118M financial cooperation agreement
Updated 5/26/2025 1:53:00 PM
Arab Finance: Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, signed a financial cooperation agreement (FCA) worth €118 million (EGP 6.7 billion) with Jürgen Schulz, Germany's Ambassador to Egypt, according to a statement.
The FCA includes a €32 million grant to support the establishment of 25 Egyptian Centers of Excellence to support the technical education initiative.
This is in addition to a total of €86 million, comprising €54 million concessional financing and €32 million grants, to finance the ACWA Power (1) and ACWA Power (2) wind power interconnection project.
In line with the Nexus of Water, Food, and Energy (NWFE) program, this project is expected to generate 1,100 megawatts of wind power.
A new tranche under the debt swap program has also been signed at a value of €21 million (EGP 1.2 billion) to improve sustainable and renewable energy supplies.
This tranche was signed between the Central Bank of Egypt (CBE), the Ministry of Electricity and Renewable Energy, the Egyptian Electricity Holding Company (EEHC), and the KfW Development Bank.
With this agreement, the value of the debt swap tranches executed between Egypt and Germany rises to approximately €297 million, equivalent to EGP 16.8 billion.
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