Egypt, Germany to expand partnership with new $109mln debt swap
Speaking at a joint press conference, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat said the visit of German Federal Minister for Economic Cooperation and Development, Reem Alabali-Radovan, sent a strong message of partnership at a time of significant global and regional sensitivity.
Al-Mashat said the two countries enjoy a strategic partnership that has evolved into a comprehensive collaboration, with Germany being one of Egypt's largest European partners in development cooperation, trade, and investment.
Around 1,600 German companies operate in Egypt with total investments exceeding €6 billion in sectors including the green transition and manufacturing. The trade volume between the two countries is approximately €6.8 billion.
Al-Mashat highlighted several key areas of cooperation, including:
DEBT-FOR-DEVELOPMENT SWAP: The total value of the Egypt-Germany debt swap programme is €340m, with the new €100m tranche to be activated in December 2025 and June 2026. The programme has funded projects in technical education, health, climate action, and water and sanitation.
GREEN TRANSITION: Germany is a key supporter of the energy pillar of Egypt's 'NWFE' country platform, having allocated €258m in concessional financing, grants, and debt swaps to support the electricity network and the integration of renewable energy projects. Additionally, the German-financed PtX Development Fund provided €30m to Norway's Scatec for its green hydrogen project in the Suez Canal Economic Zone.
FINANCIAL COOPERATION: A financial cooperation agreement signed in May 2025 includes a €118m funding package for technical education and the integration of renewable energy into the grid. Al-Mashat said a new round of intergovernmental negotiations will be held by the end of this year to agree on priorities for the coming period.
The minister also noted that Egypt values Germany's efforts within the European Union to finalise a €5bn macroeconomic support mechanism and budget support for Egypt.
Al-Mashat said her discussions with her German counterpart included increasing development financing for the private sector through German financial institutions and establishing a new platform, similar to NWFE, to mobilise international partnerships for industrial development.
She also highlighted the effective partnership with the German Agency for International Cooperation (GIZ) in developing technical education to support national employment priorities.
'Egypt's economy is showing notable improvement in growth indicators, and we are working on enhancing macroeconomic stability to attract more foreign investment,' Al-Mashat said, adding that these efforts are part of a national plan to structurally transform the economy towards export-oriented sectors.
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