Egypt & Belgium Sign Agreement on Debt SwapSource: www.export-egypt.com 7/18/2012, Location: Africa |
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Planning and International Cooperation Minister Fayza Abul-Naga and Belgian Ambassador in Cairo Bruno Neve de Mevergnies signed a debt-for-development-exchange agreement to direct three debts worth 2.24 million euros due to Belgium to carry out social and economic development projects in Egypt. The two sides decided to earmark the value of the debts to finance the establishment of an automatic bakery plant in the city of al-Sheikh Zayed to produce nearly 1.5 million loaves of bread daily.
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