Debt – for development swap programs
Debt – for development swap programs are decided in conjunction with the Italian Ministry of Economics and Finance by drawing up programs that identify the countries with which to enter into conversion agreements, and the amounts involved. The planning of these debt conversions was carried out in 2009 (Jordan, Syria, Albania, Vietnam, Indonesia, Philippines and Ecuador) and 2012 respectively (Egypt, Morocco, Djibouti, Cuba and Myanmar). In implementation of the above conversion programs in 2012 and 2013, conversion agreements were signed with the Philippines (2,916,919.45 euros), Ecuador (35,000,000 euros), Egypt (100,000,000 dollars), Morocco (15,000,000 euros) and Myanmar (3,169,866.71 dollars).
In the three-year period 2014-2016, Italy's cooperation development will continue to implement previous conversion programs, and new initiatives will be assessed with the Ministry of Economics and Finance. With regard to the 2009 conversion program, the agreement with Syria has not yet been concluded due to the suspension of negotiations for obvious reasons, and the agreement with Indonesia (for approximately 6 million euros), although under negotiation, has not yet reached completion. As for the 2012 conversion program, the agreements with Djibouti (14 million euros) and Cuba (13 million euros) also have yet to be completed. We intend to use the resources released by debt swap transactions to carry out development cooperation projects in the fields of education, healthcare, access to water and environmental protection.