Egypt: KFW Development Bank to Offer 41mn Euros in Debt Swap, Says Minister

International Cooperation Minister Rania el Mashaat said Sunday that KfW Development Bank will offer some 41 million euros as part of a debt swap program meant to implement a comprehensive technical education initiative in Egypt.

The technical education is the latest agreement to be financed in the second phase of the debt swap program, Mashaat said.

She put the total cost of the whole second phase at 80 million euros that should cover three development projects.

The current project is meant to support Egypt's efforts to upgrade technical education and hone skills of students to meet demands of the labor market, Mashaat said, noting this would help create more jobs, thus achieving the fourth, eighth and 17th sustainable development goals.

Mashaat said her Ministry is keen on benefiting from debt swap programs to secure finances for development projects of top government priority. This is meant to achieve the national development agenda and the sustainable development goals, the minister added.

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