Rania Al-Mashat, Minister of International Cooperation, and Michele Quaroni, Italian Ambassador to Egypt, presided over the periodic meeting of the Committee for the Management of Local Remuneration for the Egyptian-Italian Debt Swap Program for Development.
The committee agreed to start the procedures for completing the fourth tranche of the programme, and to work on its innovative implementation to be an unconventional tool for financing, with the participation of the private sector and multilateral development banks, with the aim of doubling the benefit from the amounts that will be allocated in light of this stage, after completing the first and second tranches, and soon Completion of the projects included in the third tranche, in the presence of representatives of the Italian Embassy, the Italian Agency for Development Cooperation, the Technical Support Unit of the Management Committee, and the work team of the Ministry of International Cooperation.
The meeting witnessed a discussion of the projects being implemented within the framework of the third tranche of the programme, amounting to about EGP 926m, a review of the position of a number of activities funded under the third debt agreement, and a discussion of overcoming the challenges facing these projects, as many projects are implemented in light of this stage, including the establishment of Silos for storing wheat and grains with modern technology to manage them, and a solid waste management project in Minya governorate affiliated to the Ministry of Environment.
The third tranche of the debt swap program for development is distributed at 45% for the food security sector, 15% for the environment and cultural heritage sector, 15% for the agriculture sector, 13% for the education sector, 10% for civil society, and 2% for technical support, and 12 projects are currently being implemented within the framework of the third tranche, while the implementation of 9 projects has been completed.
During the meeting, Minister Al-Mashat stressed the importance of the joint debt swap program between the Egypt and Italy, which is a model for bilateral cooperation between countries, pointing out that the current period worldwide is witnessing an increasing momentum around the need to expand debt swap programs in light of The economic challenges facing the world, as well as for the expansion of climate action efforts. The joint program between Egypt and Italy is one of the successful models that can be replicated and built upon in order to support development efforts in developing countries and emerging economies.
She discussed the possibility of directing part of the new tranche of the debt swap program to green projects included in the national platform for green projects, the “NWFI” programme, as part of the efforts undertaken by the Egyptian state to expand projects to mitigate and adapt from the repercussions of climate change.
For his part, the Italian ambassador in Cairo affirmed the Italian side’s keenness to enhance cooperation and expand joint work with the government regarding the better use of debt swap segments for development, and to enhance green transformation efforts.
It was also agreed on the possibility of holding a meeting with the Prime Minister, during which cooperation with the Italian government will be reviewed at all levels, including the bilateral cooperation portfolio, with a special focus on the swap programme and its implicit link to positive action regarding climate change, as well as the possibility of holding periodic meetings under the co-chairmanship with the Minister of International Cooperation and the Italian Ambassador in Cairo to discuss aspects of cooperation between the two sides at the bilateral levels and the exchange of debts with regard to ongoing projects and future initiatives.
