Debt Swap
The funding will be released in two equal tranches of €25 million and will serve as development financing aimed at expanding Egypt’s renewable energy capacity while reducing reliance on conventional fuel sources.
President El-Sisi expressed Egypt's interest in continuing coordination with China on the issue of debt swaps and the effective and efficient implementation of related agreements.
The Egyptian government plans to introduce new initiatives aimed at exchanging debt for investments in sustainable development and green transformation, as announced in a statement from the Ministry of Finance today.
Kouchouk highlighted that the discussions — which have not yet been disclosed — include swapping debt for investments in clean energy and human development.
Al-Mashat added that the target related to increasing the percentage of renewable energy in the energy mix to 42 percent by 2030, instead of 2035, was approved.
Minister Al- Mashat meets the new German Ambassador to Egypt to discusses areas of cooperation.
