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Viewing cable 07CAIRO1831, ITALY AND EGYPT RENEW DEBT SWAP AGREEMENT

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Reference ID Created Released Classification Origin
07CAIRO1831 2007-06-14 14:32 2011-08-24 16:30 UNCLASSIFIED Embassy Cairo 
VZCZCXYZ0002
PP RUEHWEB

DE RUEHEG #1831 1651432
ZNR UUUUU ZZH
P 141432Z JUN 07
FM AMEMBASSY CAIRO
TO RUEATRS/DEPT OF TREASURY WASHDC PRIORITY
RUEHC/SECSTATE WASHDC PRIORITY 5686
INFO RUEHRO/AMEMBASSY ROME PRIORITY 1491
 
UNCLAS CAIRO 001831 
 
SIPDIS 
 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: ECON POL AID EG
SUBJECT: ITALY AND EGYPT RENEW DEBT SWAP AGREEMENT 
 
1. On June 3, 2007, Egypt and Italy renewed their "Debt for 
Development Swap" agreement which converts bilateral debt 
owed to Italy into Egyptian pounds to be used for development 
projects.  The program, inaugurated in 2001, cancels Official 
Development Assistance (ODA) bilateral debt in exchange for 
equivelent GOE deposits into a fund at the Egyptian Central 
Bank. The 2001 Agreement between Italy and Egypt was signed 
for approximately $149 million over a five-year period, and 
the 2007 agreement was signed for a further $100 million over 
a second five-year period.  Treasury Attache spoke with 
Italian econoff who noted that 80 percent of the funds from 
the 2001 swap have been used, and he estimates that the rest 
of the fund will be spent by the end of 2007. The Italian 
econoff also stated that despite the relatively small amount 
of the swap, the "principal and symbolism" of the agreement 
are equally important. 
 
2. The Italian Debt for Development Swap program is 
administered by the GOE's Ministry for International 
Cooperation and is overseen by a Management Committee (MC). 
Italy's Ambassador and Minister for International 
Cooperation, Faiza Aboul Naga, sit on the MC, and a Technical 
Support Unit provides subject-matter expertise, monitoring, 
and evaluation of the development projects.  The MC meets 
several times a year and ensures that development programming 
is effectively administered and implemented.  Projects funded 
under the agreement focus on a variety of development 
projects, including: human development, poverty alleviation, 
and environmental improvement. 
 
3. Paris Club rules allow swaps of ODA. Creditors are 
required to inform other members of any swaps.  The USG 
currently does not have the required legislative authority or 
appropriations to conduct a debt swap with Egypt.  GOE debt 
to the USG is approximately $4 billion, owed to USAID and 
USDA. 
JONES