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Egypt seeks to extend 3rd phase of IEDS Program with Italy

Egypt seeks to extend 3rd phase of IEDS Program with Italy

ArabFinance: Egypt seeks to extend the third phase of the Italian-Egyptian Debt for Development Swap (IEDS) Program as well as to launch a fourth phase to execute projects within the framework of the program, according to a statement released by the Egyptian Ministry of International Cooperation on May 10th.

During her meeting with the Italian Ambassador to Cairo Michele Quaroni, the Minister of International Cooperation Rania Al-Mashat highlighted the importance of the IEDS Program that targets alleviating the burdens of external debts on the Egyptian government.

The Management Committee (MC) of the IEDS Program is set to meet by the end of May to discuss this matter.

The first phase of the IEDS was signed in 2001 at a value of $149.09 million to finance 54 projects across Egypt, while the second phase was sealed in 2007 at a value of $100 million to fund 32 projects.

The third phase of the program was signed in 2012 at a value of $100 million to finance projects within the fields of food security, education, agriculture, civil society, and environment as per Egypt’s strategy.

Al-Mashat discussed with the Italiam ambassador a number of projects being financed by both countries within the framework of the Italian-Egyptian Cooperation Program and the IEDS Program, including a €45 million financing agreement to support the private sector in Egypt.

Under the program, the Egyptian Ministry of Agriculture works on upgrading the sustainable agricultural automation system with a soft loan worth €10 million.

The program has also provided the Ministry of Trade and Industry with a grant of €6 million for technical assistance at the Roubiki Leather City.

Moreover, the program supported the third phase of the solid waste management project in the governorate of Minya, which is implemented by the Ministry of Environment, with a loan worth €70 million.

It is worth noting that mutual cooperation between Egypt and Italy had begun after the signing of an economic cooperation protocol in 1975.

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