• The amount of debt forgiven to Cameroon, Democratic Republic of the Congo and Ethiopia amounts to 36 million euros
  • Of this amount, 15.5 million are allocated to finance projects that help combat these diseases

During the month of November, the Ministry of Economy, Industry and Competitiveness completed the processing of three agreements reached with the Global Fund to fight AIDS, tuberculosis and malaria, to launch debt conversion programs for Health (Debt2Health) in three countries: Cameroon, Democratic Republic of the Congo and Ethiopia.

The three formalized programs involve, in aggregate, the cancellation of debt for an amount of about 36 million euros, of which 15.5 million euros are mobilized to finance projects (9.3 million euros in Cameroon, 3.4 million dollars in the Democratic Republic of the Congo and 3.2 million euros in Ethiopia).

The signed agreements, and which have already been approved by the Council of Ministers, are an innovative instrument for financing development that show the continuation of the commitment to Spanish collaboration that began more than a decade ago with the Global Fund.

With Debt2hHealth agreements, the debtor country agrees to contribute the amount of the forgiven debt that is part of the conversion program to the Global Fund. These resources are in addition to those managed by the Fund in the beneficiary country to fight AIDS, tuberculosis and malaria. The beneficiary country decides on the projects for which it will request financing and the Global Fund approves them after checking their technical soundness and ensuring that they are in line with the country's health priorities. The recipient country is also responsible for the execution of the projects, although the Fund is in charge of verifying their adequate implementation.

To date, the amount of debt conversion under Debt2hHealth agreements amounts to nearly 200 million euros with the support of Australia, Germany and Spain.

The Ministry of Economy, Industry and Competitiveness will supervise the use of resources through the annual reports presented by the Global Fund, being also empowered to request all the additional information it deems pertinent.

These agreements are part of the strategy carried out by the Ministry of Economy, Industry and Competitiveness, through the Secretary of State for Economy and Business Support, to efficiently manage external debt. Activity in the field of external debt management has been especially intense in recent years. The lines of action, as established by the Law, have been based on preferential respect for financial obligations, unless exceptional situations advise debt relief, and the maintenance of financial stability.

The Global Fund is an association dedicated to fighting the epidemics of AIDS, tuberculosis and malaria. Founded in 2002, it brings governments, civil society, the private sector and people affected by diseases into contact. It raises and invests nearly $ 4 billion annually to fund programs led by local experts in the countries and communities that need it most. Since its inception, the Global Fund has funded programs that have helped save 22 million lives

Source of the new