Minister: Egypt-Italy Debt-For-Development Swap Program Led to Many SuccessesSource: www.export-egypt.com 10/22/2022, Location: Africa |
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Minister of International Cooperation Rania Al Mashat said the Debt for Development Swap (DDS) mechanism is seeing great momentum worldwide under ongoing global challenges and efforts to scale up climate for developing nations.
Mashat made the remarks during a meeting with Italian Ambassador to Egypt Michele Quaroni for talks on joint economic ties and developmental cooperation efforts, especially within the framework of an Egyptian-Italian debt swap for development program. Egypt took the lead in applying this program with Italy since 2001, the minister said, noting that the mechanism led to many successful development programs. She said the DDS mechanism supports the efforts aimed at mitigating the burden of foreign obligations, while stimulating national development efforts. Mashat Briefed the Italian diplomat on the "Nouwfi" program for financing and investing in green projects, launched under the umbrella of the National Climate Change Strategy 2050 and Egypt’s Vision 2030. The program included nine priority projects in the water, energy, and food sectors, as part of the project Egypt plans to implement through the National Climate Change Strategy. Mashat invited the Italian side to gain a deeper understanding of these projects, which could offer a good opportunity for cooperation during the 4th phase of the joint debt swap for development program. She also discussed the possibility of holding a joint symposium after the incoming global climate summit (COP27), set for November 7-18 in Sharm El Sheikh, to discuss the DDS mechanism from a broader perspective. The two sides have also agreed to to hold a technical meeting next week to discuss the issues related to the projects financed as part of 3rd agreement of the joint debt swap for development program. Egypt and Italy signed 20 deals for exchanging debts for development in 2020, as part of the third phase of an Egyptian-Italian debt swap for development program, worth $100 million. The program deals finance development schemes in several sectors, including food security, NGOs, education, higher education, agriculture, environment, and preserving the cultural heritage. Under a debt-for-development swap program, a creditor country relinquishes part of its loans for a debtor state, in return using these funds in local currency for funding designated sustainable development programs. |
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