Italy-Egypt review progress of Debt Swap Programme

The Italian-Egyptian Debt Swap Programme committee co-chaired by Rania Al-Mashat, the Egyptian International Co-operation Minister, and Italy’s Ambassador in Cairo Cervone d’Urso reviewed the progress of ongoing projects financed by the programme, totalling $100 million in the third phase, according to a cabinet statement.

The projects span crucial sectors such as food security, agriculture, higher education, civil society support, and environmental preservation.

Minister Al-Mashat emphasised the importance of the debt swap mechanism in alleviating Egypt’s external debt burden and promoting sustainable development. Moreover, she highlighted the need for regular committee meetings to ensure efficient implementation of agreements and prioritise projects aligned with national priorities.

The Italian ambassador expressed Italy’s keen interest in supporting key sectors targeted by the programme, including water, food, and energy.

Discussions also explored the possibility of Italian participation in Egypt’s Hafiz platform, designed to provide financial and technical support to the private sector.

Both parties agreed to initiate negotiations for the fourth phase of the Debt Swap Programme, demonstrating a mutual commitment to fostering economic co-operation and addressing developmental challenges.

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