Egypt and Italy have exchanged letters to extend the $100 million third tranche of the Italian-Egyptian Debt for Development Swap Program (IEDS) until December 2024, according to a statement on May 15th.
The mutual letters for extending the third phase of the debt swap program were signed by Egyptian Minister of International Cooperation Rania Al-Mashat and the Italian Ambassador to Egypt Michele Quaroni.
The program’s third phase covers the development of various projects in several fields, including the environment, agriculture, nutrition, education, cultural heritage, and civil society, with the aim of achieving the Sustainable Development Goals (SDGs).
These projects include the establishment of the Field Silos and Information Technology System for Wheat Management project at a value of EGP 416.7 million.
The third phase also involves financing the second phase of the Development of Fish Farming in Egypt project with EGP 138.9 million, in addition to financing the third phase of the Solid Waste Management in Minya Governorate project with EGP 70.5 million.
Launched in 2001, the IEDS is a mechanism to finance development projects via signing agreements to exchange part of the debts owed to development partners, with the aim of reducing Egypt’s foreign debt.
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