Egypt, Germany sign new deal to support education, energy sector

CAIRO, May 26 (KUNA) -- Egypt and Germany signed Monday a EURO 118 million (USD 134 million) financial cooperation agreement to boost Egypt's education and energy sector.
According to a statement by the Ministry of Planning, Economic Development and International Cooperation, Minister Dr. Rania Al-Mashat and German Ambassador to Egypt Jurgen Schulz signed the agreement, in the presence of Egyptian Minister of Electricity and Renewable Energy Dr. Mahmoud Esmat.
Under the deal, Germany will provide a EUR 32 million (USD 36.4 million) grant to support Egypt's Technical Education Initiative, the funding will help establish 25 educational centers.
The remaining EUR 86 million (USD 97.8 million) will be allocated to a major wind energy infrastructure project.
Al-Mashat and Schulz also signed a debt swap agreement worth EUR 21 million (USD 23.8 million), involving the Central Bank of Egypt (CBE), the Ministry of Electricity, the Egyptian Electricity Holding Company, and Germany's KfW Development Bank.
The funds will be used to improve Egypt's sustainable and renewable energy supply, and the initiative is managed through a governance framework led by Egypt's Ministry of Planning in coordination with Germany. (end) asm.sar