Ambassador Andreas Ferrarese instrumental in recent extension to Pakistan-Italian Debt Swap Agreement

Islamabad: Italy’s Ambassador to Pakistan Andreas Ferrarese was instrumental in negotiating a recent extension to the Pakistan-Italian Debt Swap Agreement, as outlined in an Exchange of Letters.

The agreement, signed in Islamabad, involves an extension until the end of the next year. During this period, the focus will be on completing the remaining activities of PIDSA (Pakistan-Italian Debt Swap Agreement).

This includes canceling the remaining debt, finalizing ongoing PIDSA projects, taking over assets, conducting an impact evaluation of the PIDSA Programme, and preparing a final report.

This initiative stems from a previous agreement signed in 2006, which came into force in 2009.

Under this agreement, approximately $100 million of Pakistan’s debt owed to Italy will be swapped for investment in various development projects across the country.

These projects span sectors such as Health, Education, Agriculture, Environment, Micro Credit Schemes, Poverty Alleviation, Rural Development, and Infrastructure.

The Secretary of the Ministry of Economic Affairs expressed gratitude to the Italian government for their support through the Debt Swap Agreement and other Technical Assistance.

Moreover, there was an emphasis on further strengthening the bilateral ties between Pakistan and Italy, reflecting the collaborative efforts between the two nations.

Ambassador Andreas Ferrarese has played a key role to bring Italy and Pakistan closer. The friendship between the two countries grew further during his term concluding in January.