Italy swaps $ 55 mln of Moroccan debt

Italy has swapped 550 million dirhams, nearly $ 55 million, of Moroccan debt to Rome, the Italian embassy in Rabat announced on Friday.

A high-ranking mission, headed by the Italian foreign minister, is expected in Morocco on Monday to officially sign the swap accord.

The sum will be swapped into several development projects, including drinking water supply to rural areas, rural roads construction, irrigation, health and education.

The swap is provided for in a Moroccan-Italian accord, concluded during King Mohammed VI's visit to Italy in April 2000.

Morocco's debt to Italy stands at $ 327 million, while the country's overall external debt stood at $ 15.3 billion up to the beginning of 2001.