Global Courant
Italy has canceled Egypt’s debts amounting to $100 million as part of the debt swap program between the two countries that began 20 years ago, Egyptian Ambassador to Italy Bassam Rady announced.Heed.
The debt swap program has several phases, he said, with this third phase being handled by Egypt’s Ministry of International Cooperation.
The implementation of this phase was signed between the two parties in May and will run until December 2024 to ensure the completion of all agreed projects, Rady continued.
He added that this debt swap program between Egypt and Italy serves as a framework for bilateral development cooperation.
The first phase was completed in 2001 with a value of $145 million, and the second phase followed in 2007 with a value of $100 million.
Under the programme, 32 projects were financed in various development sectors to address poverty and create new jobs at low cost through the solid waste management system.
The third phase is worth $100 million.
The third phase will see a number of development projects implemented in various areas – including in the environment, agriculture, food, education, cultural heritage and civil society sectors – that will contribute significantly to achieving sustainable development goals.
Rady explained that these projects include the establishment of wheat field silos worth approximately LE400 million, a fish farming development project worth approximately LE140 million and the third phase of the Minya Governorate solid waste management project costing approximately LE70 million.
Italy cancels $100 million in debt to Egypt
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