Written message from the Hon. Deputy Minister Cirielli for the event organised by LINK 2007


“Dear guests and speakers

I would like to express my sincere thanks to Link 2007 for the invitation and for organising this important event, dealing with a subject dear to Development Cooperation, namely how to alleviate the debt burden of the poorest countries. The initiative takes place in a highly significant context in the panorama of development cooperation. The Codeway Fair provides a valuable space for dialogue and the exchange of ideas between the private sector, institutions, international organisations and the third sector, underlining the importance of the multi-actor approach adopted by development cooperation in order to address global challenges in an effective and inclusive manner.

I would also like to express my regret that I cannot be there with you now, where institutional commitments unfortunately keep me elsewhere.

The theme of the G7 Release proposed by Link 2007 is of great importance. As we know, lack of development increases the unsustainability of debt, which in turn inhibits new investment, triggering a vicious circle from which it is difficult to escape.

We are faced with a paradox: burdened by heavy indebtedness and further impoverished by the current global context, war, the consequences of climate change, inflation and international financial instability, poor countries are in danger of losing interest even in aid credits, even those provided on particularly advantageous terms. There is therefore a growing expectation on the part of low- and middle-income countries for a significant increase in the volume and efficiency of development finance and for innovative and impactful solutions, particularly in favour of the poorest countries with fragile situations, which are suffering the combined effects of global challenges and current crises.

Italy has a long tradition of using the debt conversion instrument for developing countries: to date, our country has authorised 32 conversion operations, the majority of which have been agreed bilaterally. The use of the conversion instrument can therefore contribute to strengthening our partnerships with African countries and support the broader Mattei Plan strategy.

Certainly, it is a line of action that, in its concrete implementation, requires a considerable effort, also of a financial nature, on the part of the creditor country and the fulfilment of certain conditions: it must be concerted between different administrations, assisted by feasibility studies and accompanied by a concrete commitment on the part of the partner country to fully, punctually and transparently meet the obligations provided for by the instrument on the basis of suitable financial conditions. However, the partnership models of the Mattei Plan aim at establishing a relationship of trust and collaboration that would potentially allow the use of this instrument on a case-by-case basis.

In conclusion, I would like to congratulate Link 2007 for its relentless commitment to promoting innovative and pragmatic solutions in the field of international cooperation; thank all participants for their valuable contribution to building a more equitable and sustainable world; and wish you all a fruitful and stimulating event, trusting that your discussions will lead to new ideas and meaningful partnerships. Good work.”