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Egypt, Germany resume negotiations on €240m debt swaps - Daily News Egypt

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Egypt, Germany resume negotiations on €240m debt swaps

German companies show interest in investing in Egypt’s waste management, says ambassador


German ambassador to Egypt, Julius Georg Luy said that Egypt and Germany have resumed negotiations on debt swaps which were stopped due to some economic and political issues.

Luy told Daily News Egypt that the value of the debt swap reached €240m, elaborating that the programme had been in place between the two countries but had been suspended due to economic conditions and that both parties were seeking to resume the programme.

German Chancellor Angela Merkel had announced that the resumption of the programme depended on the release of German employees in German institutions in Egypt. Indeed, the programme has been resumed but it is a very complex process, and there must be agreements and procedures that will take some time to pass, Luy explained.

During a press conference held on Tuesday, Luy expressed the interest of German companies in the cooperation and investment in Egypt in the field of solid waste management.

He noted that Germany has helped a large number of countries to find appropriate solutions in terms of waste management based on the modern technology adopted by the country, adding that Germany could provide Egypt with appropriate technological models in this regard.

The ambassador pointed out that the volume of trade exchange between Egypt and Germany amounted to €6bn and is expected to increase in the coming period.

With regard to Germany’s support for Egypt, he said that Germany supports Egypt in a substantial way and in various forms. Germany provided Egypt with $500m in the framework of the International Monetary Fund’s (IMF) loan.

The German ambassador in Cairo expressed his deep concern about the increasing population in Egypt, pointing out that the population increase in Egypt is rather significant. Egypt’s population is about 100 million plus 10 million abroad, and the annual population growth rate reached 2 or 2.5% per year, so by 2030, the population of Egypt will be around 125 or 130 million, which in return will affect the country in the light of water scarcity in Egypt.

Moreover, ambassador Luy praised President Abdel Fattah Al-Sisi’s efforts in dealing with Nile Basin countries.

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