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Italy may convert $100 million of Egypt debt into grants: Italian PM
Around a quarter of the sum Egypt owes to Italy could be redirected into development and infrastructure projects, according to state news agency
MENA Published in Ahram Online on 09 - 04 - 2012

Italy's prime minister has said his country is ready to convert $100 million of Egypt's debt into grants targeting developmental and infrastructure projects, Egypt's state-run news agency reported on Monday.
"The Italian government reaffirms its commitment to Egypt ... despite the financial crisis Italy is currently going through," Mario Monti told a reporter from the MENA agency in Rome.
The agency gave no further information regarding the mooted transaction.
Egyptian debt to Italy stood at $433.3 million at the end of the 2010/11 financial year, less than 1 per cent of Egypt's total external debt.
The European country is ranked 10th largest in Egypt's list of creditors.
Italy is also one of Egypt's main trading partners, ranking second in terms of trade volume in the first quarter of the 2011/12 financial year.
The Italian prime minister, who is scheduled to visit Cairo on Monday, said that Italians consider Egypt a major tourist destination.
More than half a million Italians visited Egypt in 2011, according to state statistics -- the third largest contingent from the European Union after the UK and Germany.
http://english.ahram.org.eg/News/38854.aspx

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