(3 minutes read)
Egypt and the German Development Bank (KfW) signed recently a development financing agreement worth €26 million. The agreement seeks to finance the project “Rehabilitation of Hydroelectric Power Plants in Aswan Governorate – Phase Two” to be implemented by the Ministry of Electricity and Renewable Energy.
Egypt and the German Development Bank (KfW) signed recently a development financing agreement worth €26 million. The agreement seeks to finance the project “Rehabilitation of Hydroelectric Power Plants in Aswan Governorate – Phase Two” to be implemented by the Ministry of Electricity and Renewable Energy. The project is being implemented jointly by the Egyptian and German governments.
The agreement signed by Rania Al-Mashat, Minister of International Cooperation, and KfW Office Cairo Director, Bernd Siegfried is aiming to
Replace and renew the transformers of the water stations in the Aswan Governorate. It also aims to maintain the stations’ operational efficiency and benefit from the stations’ operational economic competitiveness by reducing operating costs.
https://trendsnafrica.com/egypt-president-al-sisi-in-germany/
https://trendsnafrica.com/egypt-and-germany-sign-joint-protocol-to-strengthen-economic-ties/
https://trendsnafrica.com/imf-to-lend-to-egypt-to-insulate-impact-of-russia-ukraine-war/
Al-Mashat stressed the importance of preparing field visits to projects financed in cooperation with the German Development Bank, especially the “Renewable Energy – Solar Power Plant in Zafarana” project. The project entails cost €39 million and is a part of the financial cooperation between the Egyptian and German governments.
Three hydroelectric stations in Aswan generate combined energy of about 2,650 megawatts, benefiting 7.5 million people. They also provide irrigation systems in the governorate by regulating the flow of water and protection from floods. The transformers will be replaced to ensure maximum utilization and a sustainable hydroelectric power supply in Egypt.
Germany, through the KfW, is committed to supporting the rehabilitation of infrastructure, continuing to work with the government in developing the energy sector, and expanding renewable energy in its branches such as wind, solar, and hydropower, he noted. The ongoing development cooperation portfolio with Germany amounts to €1.7 billion. Of that, 30 projects have been financed in the form of loans, technical support grants, financial contributions, and debt exchange.
