International Courant
Egyptian Minister of Worldwide Cooperation Rania al-Mashat defined that Egyptian-German growth cooperation is witnessing outstanding developments, increasing Egypt’s growth efforts in numerous fields.
Mashat added that Germany has pledged via a joint political declaration to make 258 million euros obtainable within the type of debt swaps, grants and concessional financing.
The Ministry of Worldwide Cooperation introduced that it has acquired approval from the Home of Representatives for a growth financing of 54 million euros from Germany to finance the good vitality mission throughout the nationwide platform of the ‘NWFE’ program.
The ministry explains in a press release that the quantity features a grant of three million euros, in implementation of the joint assertion of November 2023.
It consists of the participation of twenty growth companions, worldwide financing establishments and worldwide alliances, in addition to the joint political declaration issued in the course of the “COP27” local weather convention between Egypt, Germany and the USA.
The assertion famous that Germany and the US have pledged to offer assist and help to Egypt’s efforts within the inexperienced transition to renewable vitality.
The Ministry of Electrical energy is predicted to profit from growth financing within the implementation of a mission so as to add 450 megawatts to the capability of the Abis Transformer and Load Discount Station within the new metropolis of Abu Qirit added.
It should additionally assist grid stability after low-efficiency energy vegetation are decommissioned, and enhance entry to renewable vitality produced within the Pink Sea area as much as the northern coast.
In June, a debt swap settlement value EUR 54 million was signed for the transmission community growth mission to combine and strengthen renewable vitality into the electrical energy transmission community.
Germany guarantees to make 258 million euros obtainable to Egypt as a debt alternate: minister
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