Italy cancels $100 mln in debt owed by Egypt

Italy cancelled debts amounting to US$100 million owed by Egypt as part of the debt swap program between the two countries that began twenty years ago, the Egyptian ambassador to Italy Bassam Rady announcheed.

The debt swap program has several stages, he said, with this third phase as handled by the Ministry of International Cooperation in Egypt.

The implementation of this phase was signed in May between the two sides, and extends until December 2024 to ensure the completion of all agreed upon projects, Rady continued.