Last Update 21:13
Friday, 21 June 2019

Egypt, Italy sign $100m debt swap deal

Fayza Abul-Naga signs agreement with Italy relieving Egypt of $100 million worth of debts

Ahram Online, Friday 11 May 2012
Fayza Aboul Naga
Egypt's minister of International cooperation and Planning, Fayza Abul Naga
Views: 1774
Views: 1774

Egypt's Minster of International Co-operation and Planning Fayza Abul-Naga has signed an Egyptian-Italian agreement to swap a third tranche of debts worth $100 million, a statement from the ministry said on Thursday.

The deal will lift the Italian matured debt on Egypt's government.

The agreement which has been signed with the Italian ambassador to Egypt, Claudio Pacifico and the UN World Food Programme (WFP)'s representative in the country, Gianpietro Bordignon outlined several Italian projects in Egypt such as food safety, agriculture, education and environment.

The debt swap was put in place by the governments of Italy and Egypt. The first tranche in 2001 was worth $149 million while the second tranche took place in 2007 and was worth $100 million.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.