The German government signed an agreement extending €4.345 million in additional loans to Egypt for work on a project aiming to rehabilitate Aswan High Dam generators.
The Ministry of International Cooperation said that the German government previously agreed to allocate €82.574 million in loans for the project as part of a financial cooperation agreement signed in February 2000.
With the recent increase, the loan now amounts to €87 million with an interest rate of 0.75 to be paid over a period of 40 years. The statement released by the ministry said that the increase highlights importance of the project seeking to increase the High Dam power station’s lifespan and efficiency while reducing its operating costs.
Between 1973 and 2008, Egypt received an estimated €5 billion in development aid from Germany to finance economic, social development, and infrastructural projects.
Translated from the Arabic Edition.