Arab Finance: The bilateral economic cooperation portfolio between Egypt and Germany has reached €1.6 billion, announced Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat.

Al-Mashat noted that the joint portfolio aims to implement several development projects in various key sectors, including energy, climate change, water supply, and migration, among others, that contribute to sustainable economic development.

The remarks came during the minister’s meeting with Reem Alabali-Radovan, a German politician of the Social Democratic Party (SPD), on the sidelines of the Fourth International Conference on Financing for Development (FfD4).

The two officials touched upon the financial cooperation agreement signed between Egypt and Germany in 2022, at a value of €118 million (EGP 6.7 billion).

Its scope covered a financial support agreement for the Comprehensive Technical Education Initiative to support the establishment of 25 Centers of Excellence (CoEs).

Additionally, it included soft financing and grants for the ACWA Power 1 and 2 connection project, which is expected to generate 1,100 megawatts (MW) of wind power. This project is a part of the energy pillar of the Nexus of Water, Food, and Energy program (NWFE).

Al-Mashat also announced the signing of a new tranche under the debt swap program at a value of €21 million (EGP 1.2 billion) to enhance renewable energy supplies.  

She also hailed the German side's participation in the launch of the second follow-up report of the National Platform for the NWFE program, as well as its contribution in financing energy-related projects during the COP27 climate conference in Egypt.

This includes €258 million in concessional financing, debt swaps, and financial contributions to support the expansion of renewable energy projects.

At the end of the meeting, Al-Mashat invited the German official to visit Egypt and follow up on joint projects implemented in cooperation between the two countries.

Both sides plan to sign an agreement for the new tranche under the Egyptian-German debt swap program, scheduled to be activated in December 2025.

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