German Bank KfW to Spend EUR 26M to Renovate Aswan's Hydro Plants

The Minister of International Cooperation announced that KfW, a German development bank, will provide EUR 26 million to fund the renovation of the hydropower plants in Aswan.

The dam’s rehabilitation project is specific to three hydro-electric stations, which provide power to around 7.5 million Egyptians, and protect people from floods. This will allow the government to replace the transformers of the plant’s power systems, thus allowing them to reach maximum efficiency.

This agreement also extends EUR 29 million in financing for Egypt’s solar power plant in el Zaafarna. The plant was constructed last year in cooperation with another German company, Belectric.

This deal is part of a long term cooperation between Egypt and Germany, which includes 30 projects in other sectors amassing funding up to EUR 1.7 billion.