Minister of International Cooperation Rania Al-Mashat and Bernd Siegfried —Director of the German Development Bank (KfW) office in Cairo — signed a development financing agreement worth €26m to finance the second phase of the 'Rehabilitation of Hydroelectric Power Plants in Aswan Project'. The project will be implemented by the Ministry of Electricity and Renewable Energy within the framework of an agreement on financial cooperation between the Egyptian and German governments. It aims to replace and renew the transformers of water stations in Aswan to maintain their operational efficiency and benefit from the stations' operational economic competitiveness in light of their low operating costs. Al-Mashat praised the fruitful and continuous cooperation with the KfW and the important role it plays in supporting development projects in various sectors, mentioning that the ongoing development cooperation portfolio with the KfW amounts to €1.1bn in the form of development finance and grants with the aim of achieving sustainable development goals in various sectors, including energy efficiency, renewable energy, sanitation, water support, irrigation, solid waste management, technical education, and vocational training. For his part, Siegfried said that the three hydroelectric stations in Aswan generate a combined output of about 2,650 mw, benefiting 7.5m people and serving the irrigation systems in the governorate by regulating the flow of water and preventing floods. Through this project, the transformers will be replaced to ensure maximum utilisation and to secure sustainable hydropower supplies 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 the use of renewable energy in Egypt. The ongoing development cooperation portfolio with Germany amounts to €1.7bn, through which, 30 projects were financed in the form of loans, technical support grants, and financial contributions benefiting many sectors, including energy efficiency, renewable energy, sanitation, irrigation and water support, solid waste management, migration, the labour market, innovation in the private sector, technical education, vocational training, urban development, administrative reform, social development, in addition to a debt swap programme worth €240m.
