21 January 2021 04:18 PM

Egypt, Italy sign 20 deals for debt swap for development

Thursday، 03 December 2020 - 11:22 AM
Minister of International Cooperation Rania el Mashat

Egypt and Italy have signed 20 deals for exchanging debts for development, Minister of International Cooperation Rania el Mashat said Wednesday 2/12/2020.


The deals come as part of the third phase of an Egyptian-Italian debt swap for development program, worth 100 million dollars, el Mashat said.


The program deals are expected to finance development schemes in several sectors, including food security, NGOs, education, higher education, agriculture, environment, and preserving the cultural heritage, she added.


The minister praised the debt swap program as one of the most important mechanisms for financing sustainable development in Egypt in which creditor country relinquish part of its loans for a debtor state, in return using these funds in local currency for funding designated sustainable development programs.


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