Egypt & Germany Sign EUR 77.3 Million Debt Swap to Support Development

The Ministry of Planning announced that Egypt and Germany have signed a EUR 77.3 million debt swap agreement to support education, health and social services.

A EUR 48.3 million portion of the funding is allocated to the Comprehensive Education Initiative Project which includes Technical Support (EUR 16.31 million) to improve Egypt's technical education system and Financial Support (EUR 32 million) to enhance infrastructure with creating or rehabilitating green buildings, and creating vocational training centres to meet labour market demands.

Another EUR 29 million will fund projects improving education, health, and nutrition services for vulnerable populations, in partnership with UNICEF and the World Food Programme.