Italy cancels $100mln of Egypt’s dept: Italian ambassador

Italy dropped a loan that amounts $100 million owed by Egypt as part of an Egyptian-Italian debt swap program, stated the Italian ambassador to Cairo, Michele Quaroni said Yesterday.

During his speech at the opening of the field silo in Minya al-Qamh , Quaroni added that  Rome is keen to transfer Italian technology to Egypt in cooperation with the Ministry of Supply and Internal Trade which is currently developing 6 silos for storing grain amounting $75 million, part of the swap program

He explained that the locations of the silos were chosen to be close to the production sites and close to the farmers.

The debt swap program has several stages ,the  third phase as handled by the Ministry of International Cooperation in Egypt. The implementation of this phase was signed in May between the two sides, and extends to December 2024.