- 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 fight these diseases
The Ministry of Economy, Industry and Competitiveness, has completed, during the month of November, 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 imply in an aggregated way the debt forgiveness in the amount of about 36 million euros, of which 15.5 million euros are mobilized for the financing of 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 agreements signed, and that have already been approved by the Council of Ministers, are an innovative development financing instrument that show the continuation of the Spanish collaboration commitment initiated over a decade ago with the Global Fund.
With the Debt2hHealth agreements, the debtor country undertakes to contribute the amount of the forgiven debt that is part of the conversion program to the Global Fund. These resources are linked to those managed by the Fund in the beneficiary country for the fight against 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 responsible for verifying their proper implementation.
To date, the amount of debt conversion under Debt2hHealth agreements amounts to about 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 submitted by the Global Fund, and is also authorized to request all additional information it deems pertinent.
These agreements are framed within the strategy carried out by the Ministry of Economy, Industry and Competitiveness, through the Ministry of Economy and Business Support, to efficiently manage the external debt. The activity in the field of external debt management has been especially intense in these years. The lines of action, as established by the Law, have been based on the preferential respect for financial obligations, unless exceptional situations advised debt relief, and on 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 relates to governments, civil society, the private sector and people affected by diseases. It raises and invests about 4 billion dollars annually to fund programs run by local experts in the countries and communities that need it most. Since its creation, the Global Fund has funded programs that have helped save 22 million lives
