Foreign debts on decline

Egyptian Minister of Planning and International Cooperation Ahmed Al Darsh said that the Egyptian foreign debt is showing marked decrease.

Darsh, in press remarks after signing an agreement between Egypt and the Arab Economic Development Fund, said that Egypt has signed agreements with Italy on debt bargaining where the debt service was superceded by an account with a bank through which development projects are financed, he added.

Darsh noted that Egypt has reached an agreement with Germany whereby the German side has given up part of its debt service for five years to the tune of $ 212 million to be used in development purposes.

On his part, Chairman of the fund Abdel Latif AL Hamad said by virtue of this agreement Egypt will get soft loan worth LE 328 million ($ 82 million) to finance the building of north Cairo power station that will add 750 Megawatts to the national network.