Algeria, Italy Convert EUR 10m Debt Into Development Projects

Algeria and Italy have sealed on Tuesday in Algiers, an agreement to reconvert EUR 10 million debts owed by Algeria to Italy, into development project. The agreement has been signed by Italy Foreign Minister, Franco Frattini and his Algeria counterpart Mourad Medelci.

Mr Frattini has arrived Tuesday in Algiers for an official visit at the invitation of his counterpart Mr Medelci.

Up to EUR10 million have been turned into 34 development projects, mainly in the environmental field. Italy already turned up to EUR84 million of the Algerian debt into development projects.

After the sealing of the agreement, Algerian and Italian delegations held a working session behind closed doors to discuss bilateral and international issues of common interest.

Mr Medelci told reporters that Algeria and Italy are for a “political solution to the Libyan crisis.

He further indicated that the two Mediterranean countries are tending to strengthen their bilateral cooperation so as to develop strategic partnership.

Previously, President Abdelaziz Bouteflika has received in Djenane El Mufti in Algiers Mr Frattini, in the presence of Foreign Minister Medelci and Minister for Maghreb and African Affairs Abdelkader Messahel. 

Italian Foreign Minister Franco Frattini said Tuesday here Algeria was today a protagonist in the fight against terrorism, especially at the sub-regional level.