Egyptian economist Hanan Ramses spoke about Germany’s announcement of a deal with the Central Bank of Egypt to swap Egypt’s debt worth 54 million euros.
The official statement released by the embassy on Twitter read: “The German Development Bank (KfW), on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), today signed a €54 million debt swap agreement with the Ministry of International Cooperation, the Ministry of Electricity and Renewable Sources energy and the Central Bank of Egypt. The agreement frees Egypt from paying a €54 million debt to instead use it to fund Egypt’s green energy transition.
Ramses said in statements to RT that by hosting Egypt’s 27th climate summit in Sharm el-Sheikh, despite the difficult economic conditions it is currently in, he was able to capture the world’s attention in his quest to move towards a green economy. considered by some to be a luxury economy, but Egypt has a plan to diversify its economy and diversify its investments, and tackle public works and the world to reduce carbon emissions.
Harnessing its potential to produce green hydrogen and gradually converting vehicles to gas and then electricity.
She explained that Egypt was able, with the support of Germany, to increase its ability to generate electricity in cooperation with the most important international electricity company, Siemens, and the cooperation was provided by the European Bank for Reconstruction.
And direct cooperation with the German government, and the refusal of some loans, and this gives Egypt a strong support in completing its development plans.
And she noted that this procedure, dumping these debts and turning them into financing for development projects, is an obligatory role for large and industrialized countries, and it should be extended, since there are countries that receive loans for the purpose of borrowing, while how Egypt aims for development, and many great countries had to go through this procedure instead of tying the economy with loans, loan sections and loan interest, it was necessary to increase funding for grants or even cheap loans with long grace periods, as well as debt cancellation and transformation them into grants to complete the economic recovery.
Source: RT
Cairo – Nasser Hatem