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Debt swaps are vital tools to push SDGs, development projects| Al Mashat

Speaking to Business Today, Al Mashat highlighted the close strategic partnership between the two countries, particularly within the fields of development cooperation and investments.

By: Business Today Egypt

Mon, Dec. 16, 2024

Egypt continues to work with partners to utilize debt swaps as an important tool of cooperation, accelerating SDGs and development projects, explained Minister of Planning, Economic Development, and International Cooperation, Rania Al Mashat.

Speaking to Business Today on the sidelines of the Egyptian-German Development Cooperation Day ceremony, Al Mashat highlighted the close strategic partnership between the two countries, particularly within the fields of development cooperation and investments.

During the ceremony, held at the German Embassy in Cairo, a debt swap agreement worth €29 million was signed for the project “Enhancing National Capacities to Provide High-Quality Education, Health, and Nutrition Services to Support Social Cohesion and Resilience for Crisis-Affected Populations and Their Host Communities.”  

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At the signing, Al Mashat emphasized that debt swaps have become a priority for middle-income countries in light of global financial system restructuring demands.

“Egypt, along with Germany, is presenting a model of this cooperation,” she added, noting the significant progress in Egyptian-European relations under the “Team Europe” initiative.

Together with the agreement with Germany, Egypt is continuing to implement its debt swap with Italy which has recently completed its third tranche, she explained.

The planning minister told Business Today that another debt swap was in the works, but did not disclose further information.

A €32 million grant was also signed for the project “Financial Support for the Comprehensive Technical Education Initiative – Phase II,” which aims to develop technical education and vocational training in Egypt.

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This grant comes at a vital time for Egypt as it pushes to accelerate the localization of industries, she told us, highlighting that she looks forward to more partnerships and cooperation to support this goal.

According to an official statement from the Ministry of Planning, Economic Development, and International Cooperation, financial cooperation between Egypt and Germany reached around €121.5 million within the field of technical education.