Egypt, Germany sign €77.3 mln debt swap deal to support education, health sectors

The agreement includes funding two projects to advance sustainable development and achieve Egypt's National Development Strategy goals.

The statement revealed that an executive agreement and grant totalling 48.3 million euros have been allocated for the Comprehensive Education Initiative Project, which has been divided into two subprojects.

The first project, "Technical Support for the Comprehensive Technical Education Initiative with Egypt – Phase II," valued at 16.31 million euros, aims to improve the efficiency, quality, and relevance of Egypt's technical education system. This project, which will run from 2024 to 2028, is part of a long-term cooperation initiative between Egypt and Germany launched in 2018.

The second project, “Financial Support for the Comprehensive Technical Education Initiative – Phase II,” is funded with a 32-million-euro grant. This project focuses on developing technical education and vocational training in Egypt as part of a three-phase programme to transform technical education.

It includes improving infrastructure through sustainable construction of new green buildings or rehabilitating existing ones, equipping facilities with modern tools, and establishing up to three centres of excellence for advanced vocational training. These centres will collaborate with private sector companies to align training with labour market needs.

Financial cooperation between Egypt and Germany in technical education has reached approximately 121.5 million euros.