Egypt, Italy sign swap debts deal

Egypt's Minster of International Co-operation and Planning Fayza Abul-Naga has signed the Egyptian-Italian agreement to swap debts (third tranche) worth $100 million, the ministry's press statement showed on Thursday. The deal will lift the Italian matured debt on Egypt's government. The agreement which has been signed with the Italian ambassador to Egypt, Claudio Pacifico and the UN World Food Programme (WFP)'s representative in the country, Gianpietro Bordignon outlined several Italian projects in Egypt such as food safety, agriculture, education and environment. The swap debt's deal was put in place by the governments of Italy and Egypt. The first tranche in 2001 was worth $149 million while the second tranche's agreement took place in 2007 and was worth $100 million.