The agreement converts part of Egypt’s outstanding debt to Germany into a development grant and will be disbursed in two tranches of €25 million each.
Finance Minister Ahmed Kouchouk emphasized that Egypt is working to increase the international community's efforts in enhancing concessional development financing and creating greater financial space for developing countries.
FinMin Kouchouk highlighted that the discussions — which have not yet been disclosed — include swapping debt for investments in clean energy and human development
Speaking to Business Today, Al Mashat highlighted the close strategic partnership between the two countries, particularly within the fields of development cooperation and investments.
The Italian government is taking a keen interest in supporting the sectors targeted by Egypt’s Nexus of Water, Food and Energy (NWFE) Program, Italian Ambassador to Cairo, Michele Quaroni shared.
