STORY: Egypt, Italy agree to begin negotiations on 4th phase of debt swap program
SHOOTING TIME: May 26, 2024 and file
DATELINE: May 27, 2024
LENGTH: 00:00:42
LOCATION: Cairo
CATEGORY: POLITICS/ECONOMY

SHOTLIST:
1. various photos of the meeting
2. various of the Nile River
3. Egyptian Minister of International Cooperation Rania Al-Mashat

STORYLINE:

In a meeting held on Sunday, Egypt and Italy reviewed progress in the third phase of their debt swap program and initiated discussions for the fourth phase.

Egyptian Minister of International Cooperation Rania Al-Mashat highlighted Italy's commitment to supporting sectors aligned with Egypt's Nexus of Water, Food, and Energy Program in the upcoming phase.

Italian Ambassador in Cairo Michele Quaroni stated that, for the fourth phase, Italy is exploring projects in the agro-food sector, investment in Egypt's human capital, and aid for communities affected by climate change and food shortages.

The debt swap program between the two countries allows Egypt to reduce its overall debt burden while utilizing the funds for mutually beneficial projects.

The program was established in 2001. With 150 million U.S. dollars of debt credits, the first phase of the program financed 54 initiatives in sectors such as environmental protection, cultural heritage, rural development, small and medium enterprise development, education, and social protection.

The second phase of the program began in 2007, bringing with it an additional debt installment of 100 million U.S. dollars. This financed 32 projects that, building on the work of the first phase, pertained to issues such as human resource development, technology transfer, primary production development, environmental protection and social development.

In 2012, the third phase began putting 100 million U.S. dollars into several projects related to food security and agriculture, higher education, civil society support, environment and cultural heritage conservation, women's empowerment, and child protection. 

Xinhua News Agency correspondents reporting from Cairo.
(XHTV)