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Egypt and Italy sign initial debt swap agreement

During the first Italian-Egyptian talks since 25 January, the Mediterranean neighbours sign agreements on key issues

Ahram Online, Thursday 19 May 2011
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Egypt and Italy concluded a number of mutual cooperation agreements, including a Memorandum of Understanding (MOU) on a debt for development swap deal.

Nabil El-Araby, Egypt’s foreign minister, and his Italian counter-part signed several accords covering the fields of tourism, labour, culture and the establishment of an Italian university in Egypt.

Another agreement was signed with the Italian labour minister, Maurizio Sacconi, on opening an office in Cairo for recruiting candidates wishing to work seasonally in Italy.

The accords were completed in Rome on 17 May during a visit by El-Araby where he attended a conference on UN reforms held by the Italian foreign ministry.

This will be one of El-Araby’s last orders of business as foreign minister as he was elected secretary-general of the Arab League on Sunday.

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