Egypt’s Minister of International Cooperation Rania Al-Mashat and director of the German KfW Development Bank in Egypt Bernd Siegfried signed a financing agreement worth €26 million for phase 2 of a project to rehabilitate hydroelectric power plants in Aswan.
The project involves replacing and renewing power transformers at water stations, maintaining operational efficiency, and increasing economic competitiveness.
The bank also extended €39 million in financing for Egypt’s solar power plant in Zaafarana, where a power station will be established using 50-megawatt photovoltaic cells.
During the signing ceremony, Al-Mashat stressed the importance of international partnerships in mitigating the repercussions of climate change.
Al-Mashat also emphasised the government’s commitment to strengthening economic cooperation with multilateral and bilateral development partners to advance development efforts, further stimulate private sector participation, meet challenges to sustainable development, especially climate challenges, and promote innovative financing to achieve inclusive and sustainable growth.
For his part, Siegfried said that the three hydroelectric stations in Aswan have a combined energy output of about 2,650 megawatts, benefiting 7.5 million people.
Siegfried said that the project serves the irrigation systems in the governorate by regulating the flow of water and increasing protection from floods, explaining that the power transformers will be replaced to ensure maximum utilisation of sustainable hydroelectric power supply in Egypt.
Siegfried added that Germany, through the KfW Development Bank, is committed to supporting the rehabilitation of infrastructure by developing the energy sector and expanding renewable energy projects, such as wind, solar and hydropower.
