CAIRO: The Italian Prime Minister Mario Monti, confirmed the Italian government's willingness to allocate $100 million of debt owed by Egypt, and transform it into financial grants to development projects and infrastructure in Egypt. Mario Monti said: “The new Italian government affirms its commitments toward Egypt, both in international forums or at the level of bilateral relations in spite of the global financial crisis, which Italy suffers from.” With regard to the peace process, Monti said: “Italy is looking forward with interest to the fundamental role of Egypt in particular and that peace in the Middle East is the main objective of our foreign policy, and that Italy and Egypt will continue to work together to maintain peace in the Middle East.”