Egypt, Italy sign $100m debt swap deal

Ahram Online, Friday 11 May 2012

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

Fayza Aboul Naga
Egypt's minister of International cooperation and Planning, Fayza Abul Naga

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.

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