Serrari Group

Egypt’s Minister of International Cooperation, Rania Al-Mashat, and Michele Quaroni, the Italian Ambassador to Cairo, met to review the progress of the Egyptian-Italian debt swap program. Held at the Ministry’s headquarters in the New Administrative Capital, the meeting focused on the program’s third phase, valued at $100 million, which supports a range of development initiatives.

This phase finances projects in food security, agriculture, higher education, civil society, environmental conservation, cultural heritage preservation, women’s empowerment, wheat storage infrastructure, and child protection. Minister Al-Mashat highlighted the program’s role in reducing Egypt’s external debt while funding essential development projects. She noted that the debt swap mechanism serves as an exemplary model for other development partners.

Ensuring Effective Implementation

The committee discussed the current status of the third phase projects and strategies to address challenges and optimize fund utilization. Regular meetings were emphasized as crucial for maintaining efficient implementation and achieving the program’s goals. Minister Al-Mashat reaffirmed the Ministry’s commitment to working with various ministries and stakeholders to ensure the remaining funds are used effectively to complete ongoing projects by the end of the year.

Additionally, the potential for Italian involvement in the “Hub for Advisory, Finance & Investment for Enterprises” platform was explored. This platform aims to streamline financial and technical services offered to the private sector by development partners, enhancing support for Egyptian businesses.

Future Collaboration

The meeting also paved the way for negotiations on a fourth phase of the debt swap program. Ambassador Quaroni expressed Italy’s interest in supporting Egypt’s “NWFE” program, which focuses on water, food, and energy. Potential areas for collaboration in the new phase include the agricultural food sector, support for marginalized groups affected by climate change and food insecurity, investment in human capital, and the establishment of agricultural technical schools.

A Longstanding Partnership

Egypt and Italy have a history of cooperation dating back to the 1970s. The debt swap program began in 2001 with its first phase, which saw 54 projects implemented. The second phase, launched in 2007, supported 32 projects. The ongoing third phase, initiated in 2012, has brought the total value of the program to approximately $350 million.

Past phases have funded a wide array of initiatives, including rural development, educational projects, green transformation efforts, and water supply system improvements. The second phase particularly focused on poverty reduction, job creation, waste management, and the modernization of industrial schools and technical education complexes.

The continuation and potential expansion of the debt swap program highlight the strong and enduring partnership between Egypt and Italy. This collaboration not only addresses critical development needs but also strengthens the bilateral relationship, fostering a more sustainable and prosperous future for both nations.

Photo source: Google

By: Montel Kamau

Serrari Financial Analyst

27th May, 2024

Share this article:
Article and News Disclaimer

The information provided on is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

In no event will be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.

The articles, news, and information presented on reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.

The content on may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.

Every effort is made to keep the website up and running smoothly. However, takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.

By using, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website., reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.

Serrari Group 2023