CDP AND ALEXBANK AGREEMENT TO SUPPORT THE AGRIFOOD SECTOR IN EGYPT

 The agreement, signed as part of the Mattei Plan initiatives, aims to develop high-impact projects and facilitate access to microcredit for Egyptian SMEs in the agricultural sector

Alexandria, Egypt, 26 October 2024 – A Memorandum of Understanding to support the agrifood sector in Egypt, with the aim of promoting high-impact projects and developing tools to facilitate access to funding, and in particular microcredit, for Egyptian SMEs in the agricultural sector.

The agreement, which is one of the initiatives promoted by the Italian Government under the Mattei Plan, was signed in Alexandria by Cassa Depositi e Prestiti (CDP) and ALEXBANK – a bank of the Intesa Sanpaolo Group – in the presence of the Italian Minister of Agriculture, Food Sovereignty and Forestry, Francesco Lollobrigida, and the Egyptian Minister of Supply and Internal Trade, Sherif Farouk, on the occasion of the Farmers Market event promoted by the leading agricultural organisation, Coldiretti, and aimed at developing local food markets.

The initiative, in addition to outlining a framework of cooperation aimed at creating funding and co-funding opportunities for companies in the sector, also strives to promote collaboration between Egyptian and Italian businesses, encouraging sustainable supply chains and empowering the sectors of excellence of both countries.

In particular, the three main areas of cooperation include the creation of guarantee instruments with forms of technical assistance for local businesses, the development of co-funding initiatives for high-impact projects with resources provided by both institutions, and the promotion of matchmaking events between Egyptian and Italian companies, with the aim of strengthening trade.

The agreement, signed under the auspices of the Italian Embassy in Cairo, is part of the strategic partnership between Egypt and the European Union, and is part of a growing interest of Italy and Egypt to strengthen collaboration in strategic sectors such as agribusiness. In particular, the agreement is part of the initiatives promoted by the Italian Government under the Mattei Plan and was announced during the visit of the Prime Minister to Cairo on 17 March 2024, along with other agreements signed between the financial institutions of the Italian system and local financial institutions.