Egypt and Italy Sign Three Agreements to $119 Million

Egypt and Italy signed three agreements about $119 million as part of the growing bilateral cooperation between the two countries, including the way developed in the financing of development projects in Egypt through Italian debt swap program for development which is managed by the Ministry of International Cooperation.

Faiza Abul-Naga, Minister of Planning and International Cooperation ,and Kladio Pacifico ,Italian Ambassador in Egypt, signed the agreements in the presence of Mr. Gouda Abdel-Khalek, Minister of Supply and Internal Trade, and Ms. Ghada Wally, Secretary General of Social fund for Development, and Mr. Jianbero Bordejnon representative of the World Food Program in Cairo.

The First Convention is involved with the availability of third tranche of the program of the debt swap with Italy $ 100 million to end the government debt owed to the Government of Italy to Egypt and is hereby agreed the financing of projects in the areas of food security through the establishment of bakeries mechanism under the state plan for the establishment of 300 bakery automatic in all the provinces in addition to the establishment of silos to store grain, as well as in the field of agriculture to finance micro-credit to small farmers and education to contribute to the financing of the Italian Association of Egyptian that will be created in partnership between the public and private sectors.

Under this Convention also is the financing of environmental projects to complete environmental programs implemented in cooperation with the Italian side and the protection of cultural heritage as well as supporting the role of civil society organizations in financing and implementing development projects.

The first agreement for the swap is part of the debt owed to Italy to Egypt was signed in 2001, exchanging $ 150 million was in the framework of this Agreement the implementation of 53 projects in the governorates of Egypt different areas of health, agricultural development, education, social development, environment and supporting small and medium industries in the signing of the agreement ; the second in 2007 to swap $ 100 million is already under implementation of 22 projects so far through this segment in the areas of higher education and solid waste management, irrigation , environment, agricultural development and the project of setting up a “Rubiky” project for leather industries.