Italy has allocated LE55 million to revive a maritime route with Egypt.
Nagy Albert, chairman of the Egyptian-Italian Friendship Association, said the latest measure is part of a previous debt swap deal worth US$200 million, which both countries signed in 2012.
Albert said the Italian government had always shown a desire to reactivate the maritime line as part of efforts to boost potential trade estimated at around $6 billion, according to Egyptian government reports.
Albert stressed the importance of relaunching the maritime route to increase Egypt's agricultural exports to Italy and respond to the demands of Egyptian exporters.
He noted that the route had previously sustained disastrous losses at its original launch in 2012 due to soaring shipping costs and scarcity of exports heading into the Italian market. Albert urged the Egyptian government to provide technical support in a way that would guarantee the maritime line's return.
Albert predicted the route to operate again by the end of this year.
Edited translation from Al-Masry Al-Youm
