ALEXBANK, CDP ink MoU to back agrifood sector in Egypt
Updated 10/27/2024 8:10:00 AM
Arab Finance: ALEXBANK, a bank of the Intesa Sanpaolo Group, has signed a memorandum of understanding (MoU) with Cassa Depositi e Prestiti (CDP) to support the agrifood sector in Egypt, according to an emailed press release.
The MoU targets to promote high-impact projects and develop tools to facilitate access to funding, particularly microcredit, for Egyptian small and medium-sized enterprises (SMEs) in the agricultural sector.
The signing comes among the initiatives promoted by the Italian government under the Mattei Plan.
The agreement was signed in Alexandria, 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.
Promoted by the leading agricultural organization Coldiretti, the signing took place on the sidelines of the Farmers Market event with the aim of developing local food markets.
The initiative is set to outline a cooperation framework to create funding and co-funding opportunities for companies in the sector, as well as promote collaboration between Egyptian and Italian businesses.
It is also aimed at encouraging sustainable supply chains and empowering the sectors of excellence of both countries
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