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Wednesday, 18 August 2021

Germany has EUR 151 mn for development in Egypt

Egypt will receive EUR 151 mn in grant money from Germany to support development projects, the International Cooperation Ministry said in a statement this afternoon. The funds are earmarked for 15 projects across a range of sectors, including technical education, urban development and renewable energy.

A little history: Germany is a longstanding partner of Egypt and is presently financing 30 ongoing projects in addition to having pledged to provide EUR 1.7 bn via loans, grants and debt swaps. This year alone saw a number of agreements between the two countries: 12 financing agreements worth EUR 197 mn were signed during the first six months of the year, and the German development bank (KfW) is providing Egypt with EUR 41 mn to support technical and vocational education via a debt-for-development arrangement.

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