Egypt, Italy extend phase III of $100 mln debt swap programme

Egypt and Italy have signed mutual letters to extend the third phase of a $100 million debt swap programme for development projects until December 2024, a statement by the Ministry of International Cooperation announced on Monday.

The third phase of the debt swap programme involves carrying out development projects in areas of environment, agriculture, food security, education, cultural heritage, and civil society.

The food security projects in the third phase include developing wheat silos and information technology management systems to the tune of 416.7 million pounds in investments.

The third phase, signed in 2012, covers a project for solid waste management in Minya governorate worth 70.5 million pounds.

The first phase of the project was signed in 2001 with a value of $149 million designed to fund 54 projects in Upper Egypt, while the second phase was signed in 2007 and totalled $100 million which were injected in favour of 32 projects in different areas.

Debt swap programmes incorporate agreements using debt owed to Egypt’s development partners in order to finance a series of projects.

Egypt is carrying out seven debt swap programmes with a total value of $100 million, Minister of International Cooperation Rania al-Mashat said in previous statement dated back in September 2022.