The financing is within the Egypt-Germany joint economic relations framework, working towards supporting Egypt’s Vision 2030
MoIC Min Dr. Rania Al Mashat and German Ambassador Cyrill Jean Nunn in May 2021
Germany is allocating €151.5 million worth of development financing to 15 development projects across sectors of technical education, vocational training, migration, labor, administrative reform, urban development, renewable energy, and promote innovation in the private sector in Egypt.
The financing is within the Egypt-Germany joint economic relations framework, working towards supporting Egypt’s Vision 2030 and its efforts to achieve the United Nations’ Sustainable Development Goals (SDGs).
Currently, the ongoing Egypt-Germany cooperation portfolio reached €1.7 billion, spread to 30 projects through funds, technical support grants, and financial contributions to several sectors, including gender equality, and youth and social development, along with a €240 million debt-swap program between the two countries.
During the first half of 2021, Egypt and Germany entered 12 development financing agreements worth €197 million directed towards the fields of energy and vocational training, and to further encourage private sector participation and empower women.
In May, Minister of International Cooperation Dr. Rania Al Mashat and German Ambassador Cyrill Jean Nunn signed a grant worth €57.7 million to implement 6 projects in various sectors.
The new allocation was announced during the 2021 annual negotiations’ meetings held between Egypt and Germany, headed by Sherihan Bakhit, Associate Minister handling the Americas and Europe portfolios, from the Egyptian side, and Mario Sander, Head of the Development Cooperation with the Middle-East at the German Federal Ministry for Economic Cooperation and Development (BMZ), from the German side.
The meeting aimed to set a general framework for financing projects, and is aligned with the framework of the upcoming annual financial and technical cooperation agreements.
Closing the meeting was an initial signing by the heads of the Egyptian and German delegations on future potential cooperation areas.
The annual meeting came with the participation of 45 representatives from the Ministries of Foreign Affairs, Electricity and Renewable Energy, Housing, Utilities and Urban Communities, Environment, Trade and Industry, Education, Emigration and Egyptian Expatriates's Affairs, Manpower, and Local Development.
This is in addition to the Central Agency For Organization & Administration, the Credit Risk Guarantee company, the Financial Regulatory Authority, and Banque du Caire. Moreover, 24 representatives from the German Federal Ministry for Economic Cooperation and Development (BMZ); the German Federal Ministry for Economic Affairs and Energy; the German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety; the German Federal Foreign Office; the German Embassy in Cairo; the German Corporation for International Cooperation (GIZ); and the KfW development bank.
