Italy and Pakistan here on Monday Signed the minutes of projects approved under the Pak-Italian Debt Swap Agreement (PIDSA), totalling to an amount of Rs3.13 billion.
The minutes were inked by Secretary Economic Affairs Division, Sibtain Fazal Halim and Italian Ambassador to Pakistan, Vincenzo Prati at the Economic Affairs Division (EAD).
The Management Committee, established for selection approval and evaluation of the projects, had approved an amount of Rs. 5.41 billion for Federal/Provincial Governments/NGO’s and Italian
Institutions in its third meeting held on August 19, 2010.
Today’s signing ceremony was held to formally endorse the agreement signed between Pakistan and Italy for US $100 million Debt for Development Swap on November 2006 which entered into force on May 14, 2007.
Under this Agreement, the development projects, sponsored by federal, provincial or local governments, non-governmental organizations or channelled by relevant U.N. Organizations on the agreed sectors would be financed.
The agreed sectors to be covered under the agreement included, health, education, agriculture, basic Infrastructure leading to socio-economic development and environmental protection.
Speaking on the occasion, Secretary Economic Affairs Division, Sibtain Fazal Halim said that the Debt for Development Swap was the part of the dialogue Pakistan was having with various countries including Italy, Germany and Canada.
He said that the Italy would write off the $100 million which would be utilized for the by the government of Pakistan for various development projects.