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

Egypt has approved funding of €54 million from Germany to finance a smart energy project Reuters/Ralph Orlowski
Egypt has approved funding of €54 million from Germany to finance a smart energy project

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.

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.

The new funding is expected from the World Bank, the European Union (EU), the African Development Bank, the Arab Monetary Fund and others.

The Financial Times reported on Wednesday reported that the EU is preparing an $8 billion package for Egypt, with Commission President Ursula von der Leyen set to travel to Cairo next week to finalise the agreement.

ADQ, a UAE sovereign fund, last month unveiled plans to last month invest $35 billion in building Egypt’s “largest new city” to promote tourism and drive economic growth.

Egyptian and Chinese officials this week also engaged in further discussions about setting up a Chinese industrial zone along the Mediterranean Sea.

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