Under ‘Debt Swap Agreement’: Pak-Italy sign projects worth Rs 3.13 billion

ISLAMABAD (September 07 2010): 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 Rs 3.13 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, 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. The above said signing of the minutes 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, development projects shall be financed sponsored by federal, provincial or local governments, Non-Governmental Organisations( NGOs) or channelled by relevant UN Organisations on the agreed sectors of health, education, agriculture, basic Infrastructure leading to socio-economic development and environmental protection, etc.-PR – Brecorder