Egypt and Italy have extended the third tranche of their Debt Swap Programme until December 2024 to ensure the successful completion of projects implemented within the programme's framework.

The agreement was signed by Rania A Al-Mashat, Minister of International Cooperation, and Michele Quaroni, Ambassador of Italy to Egypt, a statement by the Ministry said.

The third phase of the debt swap programme, amounting to $100 million of debt, was signed with the Italian Agency for Development Cooperation in 2012.

Among the projects currently underway within the programme are the 'Establishment of Field Silos and Information Technology System for Wheat Management' project, valued at 416.7 million Egyptian pounds; the second phase of the 'Development of Fish Farming in Egypt' project, valued at EGP 138.9 million, and the third phase of the 'Solid Waste Management in Minya Governorate' project, with a value of EGP 70.5 million.

The first phase, amounting to $149.09 million, was signed in 2001. The entire sum, in local currency equivalent, was utilised to finance 54 projects.

The second phase, signed in 2007 for $100 million, financed 32 projects, including a solid waste management system and establishment of a wastewater treatment plant in Rubiki.

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)