Egypt’s El-Araby, Italian Ambassador Review Third Phase of Debt-swap Deal

Egypt’s Minister of Planning Ashraf El-Araby met on Wednesday with Italian Ambassador to Cairo Maurizio Massari, discussing the joint development cooperation portfolio that notably includes the Debt-swap programme.

El-Araby  and Massari reviewed upcoming projects that will be financed within the framework of the third agreement of the Italian Debt-swap programme signed in 2013.

In 2012, Egypt signed an agreement with the Italian government to swap a third tranche of debts worth $100 million to finance projects in the North African country, in areas of food security, education, higher education, agriculture, civil society, environment, and preserving cultural heritage.

From his side, Ambassador Massari stressed his country’s keenness to support its economic and technical ties with Egypt.