Italy to swap $100 million Moroccan debt

Italy will swap $100 million debts owed by Morocco, under an accord signed here Wednesday on the occasion of the official visit King Mohammed VI is paying to Italy.

Under the accord that was initialed by the two countries' foreign ministers, Lamberto Dini and Mohammed Benaissa, the swapped amount will finance development projects.

A joint technical committee will be set up to supervise the implementation of the accord. The committee will meet every three months or whenever the parties deem it necessary.

Last month France had also okayed the swapping into investment of FF 700 million, part of Morocco's debt.