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The Government of Egypt, represented by the Central Bank, the Ministry of International Cooperation and the Ministry of Education and Technical Education, signed a Debt Swap Agreement of an amount of EUR 41 million with KfW (German Development Bank) for the „New and Comprehensive Technical Education Initiative“ (NCTI) in 2021. The NCTI is a multi-dimensional support of the Egyptian Technical Education Reform (Technical Education 2.0). The manifold projects implemented within its framework aim at providing Egyptians all over the country with better educational possibilities and professional training options.
High quality education and ongoing professional qualification are not only the foundation for a stable income and a secure livelihood for each individual, but also key when it comes to the labor market and the sustainable economic development of the country. The NCTI is designed to take all this into account. Within this context, the debt swap funds will also contribute to a „Digital Improvement Fund“, enabling promoted schools to upgrade their connectivity, hard- and software in order to deliver high-quality and up-to-date technical education and effectively prepare their students for the future.
The EUR 41 million are part of the overall EUR 240 million German-Egyptian debt swap program. The Debt Swap Program enables the Egyptian Government to use funds foreseen for repayment of loans alternatively to support local projects and programs such as the NCTI.
Education and professional training have been one of the main priorities within the German-Egyptian Cooperation portfolio for many years. Together with the Egyptian government and our implementation organizations such as the KfW and the GIZ, Germany continues to help create future perspectives, promote sustainable development, increase resilience and improve the living conditions of vulnerable people.