German Parliament approves Egypt's 3rd tranche of debt swap program for development worth €80M

CAIRO – 29 November 2020: The German Parliament recently approved the provision of the third tranche the debt swap program for development, which is worth €80 million and focuses on projects related to technical and vocational education and supporting job creation, according to Minister of International Cooperation, Rania Al-Mashat. This came during Al-Mashat’s virtual meeting with Director General of the German Federal Ministry for Economic Cooperation and Development Claudia Farning, to discuss development financing priorities for the coming period and the launch the third tranche of the debt swap program for development. Al-Mashat affirmed that the Ministry is committed to expand debt swap programs to reduce Egypt’s foreign debt through using these debts to finance development initiatives and achieve target 17.4 for Goal 17 for Partnerships for the Goals, related to assisting developing countries in attaining long-term debt sustainability. It was also agreed to hold regular meetings to monitor and follow up on the developments related to Egyptian-German cooperation, particularly in regards to the status of ongoing projects and the Egyptian-German debt swap program. The current cooperation portfolio between Egypt and Germany amounts to $956.8 million, across several sectors including water sanitation, SMEs, environment and clean energy.

Source:Egypt Today

November 29, 2020 08:26 UTC

Finance      African Press Release      Lifestyle       Hiring       Health-care       Online test prep Corona       Crypto      Vpn      App Review      Company Review      Game Review