Egypt’s Antiquities Starting Swap Debt Program With Italy

The Egyptian Minister of Antiquities, Mohamed Ibrahim, has confirmed that the agreement, which was signed today with the Italian Embassy’s delegation and the Italian University of Tuscia, comes in the framework of starting the third phase of swapping dept program with the Italian side.

He added that the investments of renovating the Graeco-Roman Museum of Alexandria reach $7.5 million, moreover, there will be also a cooperation with the Italian University to develop Sakkara area at $2 million.

The minister has lauded the cooperation agreement with the Italian side through the program swapping Egyptian debts and utilizing them in the interior tourism and historical development.

He mentioned that Egypt’s due fund will be paid through the program of swapping debts with Italy in renovating some historical locations. Moreover, the ministry has agreed with some countries, like Germany, Italy, to activate the program of swapping by the local currency.