CAIRO: Egypt and Italy discussed the third phase of a debt swap program and the projects implemented within its framework, as well as the possibility of launching a fourth phase.
The Italian-Egyptian Debt for Development Swap Programme (IEDS) is a mechanism through which agreements are signed to exchange part of the debts owed to Italy in return for financing development projects.
Egypt’s minister of international cooperation, Rania Al-Mashat, and Italy’s ambassador to Egypt, Giampaolo Cantini, held a meeting to discuss the program, bilateral relations and the Commodity Import Program.
Al-Mashat said the ministry was keen to benefit from the program in providing funds for projects that were a priority for the government and served the national development agenda.
She added that the ministry and embassy also discussed the possibility of a fourth phase to reduce the burden of external debt.
The most important projects within the program are the solid waste management project in Minya Governorate, financed with about EGP70.5 million ($4.48 million), and support for the Ministry of Supply to build 10 vertical silos, financed with EGP360 million.
Al-Mashat said the current year had witnessed the signing of two agreements within the program’s third phase and an agreement for a social welfare and human resources development project in Luxor, worth EGP42 million, implemented by the World Food Program.
She said there was also an agreement to expand an education project, valued at EGP40.8 million, being used in the development of technical education, support for graduates’ abilities and the establishment of a schools’ network.
