CAIRO: Minister of International Cooperation Fayza Abol Naga started negotiations with the Italian ambassador to Egypt Antonio Badini on the application of the second phase of Debt-for-Development Swap program.
The agreement that was signed in 2001 was utilized in financing several developmental projects including rural development in Nubariya, establishing schools in different governorates, and subsidizing cooperative agriculture services for desert reclamation in Upper Egypt.
A total of $149.09 million were covered in this phase, says the ministry. The second phase is to target 101 million Euros of debt.
The Italian parliament has just approved amendments to the swap law.
During Abol Naga’s and Badini’s meeting, they also discussed the preparations for developmental framework between the two countries. The ambassador suggested the Egyptian government could use the expertise of Italian governmental company SOGEI, which is specialized in management of land and tax registration and health projects.
