The Norwegian Minister of development Erick Sloheim said his country has decided to drop Egyptian debts worth 25.8 million dollars as part of Norway’s plan to drop a total of 80 million dollars of deb...

The Norwegian Minister of development Erick Sloheim said his country has decided to drop Egyptian debts worth 25.8 million dollars as part of Norway’s plan to drop a total of 80 million dollars of debts outstanding by developing nations to Norway.  The countries are Egypt, Equador, Peru, Jamaica and Serra Leone.  Norway gave the reason as being that the debts were part of a grand given by Norway to these countries to develop ship building in Norway and not in those countries.  Hence those abolished debts have grown in the wake of Norway’s exportation of ships to Egypt and the other countries from l976-l980 to rescue ship builders in Norway from a crisis in their country at the time.  The Norwegian Minister said the loan was not meant to serve develop in those nations and accordingly his government thought it fair to drop the debts.   Minister Ghali has on his part thanked the Norwegian guest and called for closer ties with Norway.   (source : Ministry of Finance)