Germany commits $282m in low-cost funding to Egypt

Germany commits $282m in low-cost funding to Egypt

Germany has pledged to commit €258 million ($282 million) to Egypt in the form of debt swaps, grants and concessional financing, Egyptian minister of international cooperation Rania Al Mashat said. The government has approved €54 million from Germany to finance the smart energy project within the national platform of the Nexus of Water, Food and […]Germany has pledged to commit €258 million ($282 million) to Egypt in the form of debt swaps, grants and concessional financing, Egyptian minister of international cooperation Rania Al Mashat said.

The government has approved €54 million from Germany to finance the smart energy project within the national platform of the Nexus of Water, Food and Energy programme, news outlet Egypt Independent reported, citing the minister.

Egypt received commitments for $10.3 billion in green funding during Cop27, held at Sharm El-Sheikh.

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Germany’s announcement is one of several economic pledges for Egypt in recent weeks.

Finance minister Mohamed Maait earlier this month said that the expanded loan facility from the International Monetary Fund (IMF) will allow Egypt to receive more than $20 billion in additional funding from global financial institutions.

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Egypt