Egypt, Belgium discuss using debt swap agreement

CAIRO – 18 June 2017: Egypt and Belgium discuss financing development projects as part of the debt swap agreement between both countries, a Ministry of Investment statement said Sunday.

The news comes during a meeting with Minister of Investment Sahar Nasr and Belgian aAmbassador in Cairo Sibille de Cartier.

Cartier expressed to Nasr willingness of Belgian companies in Egypt, which are 186 companies with $ 672 million in issued capital, to boost investment in the country.

The debt swap agreement between Cairo and Brussels was signed in July 2012 to swap € 2.1 million owed by Egypt to BelgiamBelgium to finance development projects in Egypt.

The amount was reportedly said to be used in funding state bakeries or silos in cooperation with the Ministry of Supply, according to the website of the Ministry of International Cooperation.