Egypt and Germany have signed a $59 million debt swap to help finance the North African country’s green energy transition. The debt swap will help the Egyptian government achieve its goal of producing 42% of its electricity from renewable sources by 2030. The project will be implemented with the Egyptian Electricity Transmission Company, the embassy said. The Egyptian side was represented by the Ministry of International Cooperation, Ministry of Electricity and Renewable Energy and the Central Bank of Egypt. “At the energy sector, NWFE aims to shift Egypt from inefficient and harmful practices, such as thermal power plants, to renewable energy.”

Source: The North Africa Journal June 28, 2023 12:58 UTC