Special Report:Global Financial Crisis
JAKARTA, Jan. 10 (Chinese media) -- Indonesia and Italy have agreed over 13 million U.S. dollars debt-swap deal, according to the Coordinating Ministry for Economy.
Under the deal, Italy would finance seven projects include the construction of a fishing port, three irrigation systems and two roads, and the government poverty alleviation scheme in Aceh province, Minister for the Economy Mahendra Siregar was quoted as saying by the Jakarta Post on Saturday.
"The approval has showed Italy's commitment to help Indonesia in particular on its Aceh reconstruction program," he said.
"We appreciate (the efforts of) the Indonesian government as it could complete the projects as expected in more or less three years," Italian Ambassador for Indonesia Roberto Palmieri said Friday.
A debt swap scheme allows a country to shift budget allocations which should be used to pay foreign debts over to financing other activities, with approval from the lender.
Such activities may include infrastructure construction, health and education projects, or social empowerment programs.
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