Egypt’s Ambassador to Italy Bassam Radi has explained that the debt swap programme for development between Egypt and Italy is a framework for development co-operation at the bilateral level, as two successful phases had been implemented before, beginning in 2001, with a value of 145 million dollars, and the second phase was in 2007 worth 100 million dollars, and was achieved through this.
In exclusive statements to The Egyptian Gazette, Ambassador Radi explained that the reported cancellation of Italian debts worth $100 million is a continuation of the debt swap programme between the two countries that began twenty years ago, in several stages, and this is the third stage of the swap programme which was signed between the two countries last May and is worth $100 million.
The agreement extends until December 2024 to ensure the completion of all agreed-upon projects implementation of this phase which involves financing 32 projects in various development sectors to combat poverty and provide new jobs at low costs through the solid waste management system, Egypt’s envoy to Italy said.
A number of development projects are being implemented in various fields such as environment, agriculture, nutrition, education, cultural heritage and civil society to contribute significantly to achieving the sustainable development goals.
Ambassador Radi added to the Gazette that among these projects is the establishment of wheat field silos worth about 400 million Egyptian pounds, a fish farming development project in Egypt worth about 140 million Egyptian pounds, and in the environment sector, financing the third phase of the solid waste management project in Minya Governorate with a value of about 70 million Egyptian pounds.
The Egyptian ambassador to Rome stressed that the debt swap programme for development achieves many goals at the same time, the most important of which is reducing foreign debts and increasing development co-operation projects implemented between the two sides.