Germany is actively supporting Egypt’s sustainable development goals, particularly in the transition to a green economy, German Ambassador to Cairo Jürgen Schulz announced. Schulz highlighted Germany’s ongoing efforts to assist Egypt in meeting its 2030 Agenda objectives, including increasing the share of green energy to 42% of total energy consumption by 2035 and positioning Egypt as a key player in the global green hydrogen market, targeting a 5-8% market share by 2040.
Speaking to Daily News Egypt, Ambassador Schulz emphasized the crucial role of upgrading Egypt’s electricity grids to foster the private sector’s ability to produce and sell green energy. He noted that Germany is offering Egypt significant opportunities to develop its energy infrastructure through expertise and financing solutions, including concessional loans available at just one-tenth of current market rates.
“The cooperation between Germany and Egypt is multifaceted, focusing on green energy, climate change adaptation, and technical and vocational training,” Schulz explained. He also highlighted the continued growth of trade between the two nations, which reached €6.7bn last year. This increase in trade is further supported by Germany’s assistance to Egyptian private sector companies to boost imports and exports, fostering deeper economic ties.
The Ambassador also confirmed that the German government intends to continue its debt swap program with Egypt as an effective tool for addressing climate change. Schulz added that Germany will explore additional developmental projects in Egypt, further enhancing bilateral cooperation in the coming months.
In terms of tourism, Schulz revealed that the number of German visitors to Egypt has reached 1.5 million this year. He emphasized that Egypt remains a popular and safe destination for German tourists, drawn to the country’s rich historical sites and scenic beaches.
A large delegation of business leaders from the German state of Bavaria is scheduled to visit Egypt in January to explore investment opportunities in green energy, particularly green hydrogen, aligning with Germany’s strategic interest in supporting Egypt’s role in this emerging industry.
Schulz also pointed to a significant milestone: in July, the first financing agreement was signed between the two governments to fund a green hydrogen project through German financial institutions, including the German Development Bank (KfW). This agreement marks the beginning of a broader strategy to strengthen the economic partnership between Germany and Egypt in the field of sustainable energy.
Looking ahead, the Ambassador revealed plans for a second delegation of investors from the German state of Saxony to visit Egypt in April, focusing on investment opportunities in the energy and infrastructure sectors.
