ArabFinance: The German government gave a green light for launching the third tranche of Egypt’s debt swap program for development at a value of EUR 80 million (EGP 1.5 billion), according to a November 29thstatement.

The program focuses on projects related to technical and vocational education, in addition to developments supporting job creation, Egypt’s Minister of International Cooperation Rania al Mashat stated.

The first phase of the program includes underway projects worth EUR 70 million (EGP 1.31 billion), Al Mashat added.

Germany and Egypt discussed “the implementation of the projects agreed upon within the framework of the first and second tranches of the second phase, which are worth EUR 90 million (EGP 1.68 billion),” according to the statement.

Earlier this month, the Egyptian Cabinet said Germany would provide the Arab republic with EUR 132 million (EGP 2.47 billion) worth of funding for different projects.

 

*At press time, the conversion rate is EUR 1 = EGP 18.77

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