Egypt, Germany negotiating implementation of phase III of loan swap programme

Egypt and Germany are in talks to implement the third phase of the loan swap programme, which was hampered due to the coronavirus crisis.

An agreement to implement the third phase of the loan swap programme is expected to be within 2020, according to a statement by Egypt’s Ministry of International Cooperation.

Egypt’s Minister of International Cooperation Rania Al-Mashat has discussed on Sunday with the German Ambassador to Egypt Cyrill Nunn the implementation of the loan exchange programme.

The first phase of the programme amounts to €70 million ($78.7 million), while the second is worth €80 million.

During a video conference, Ambassador Nunn said that Egypt has had good experience in terms of the pre-emptive procedures it has adopted in fighting the coronavirus and its impacts, in addition to its ongoing procedures in order to reconstruct for the post pandemic phase.

Egypt’s cooperation portfolio with Germany currently stands at €1.7 billion over 48 projects in hydropower, water and sanitation, infrastructure, public services, and small and medium-sized enterprises (SMEs), according to the ministry statement.

Egypt’s cooperation strategy with Germany focuses on various sectors, including irrigation, water resources, sanitation, solid wastes, renewable energy, power efficiency, and sustainable development, said Minister Rania Al-Mashat.