This agreement exempts Egypt from paying debts worth €54m to be used to finance the transition to green energy in Egypt instead. The project is to develop the transmission network to integrate renewable energies into the electricity transmission network and to strengthen it. The project will be implemented by the Egyptian Electricity Transmission Company. German Ambassador to Cairo Frank Hartmann stated, “We are pleased to support Egypt on its path to energy transition through debt swaps. This would allow new investments in energy infrastructure and pave the way towards a green, liveable future for all Egyptians.

Source: Daily News Egypt June 26, 2023 03:58 UTC