ALEXBANK, Italy’s CDP team up to promote Egypt’s agricultural sector
Updated 10/29/2024 3:02:00 PM
Arab Finance: ALEXBANK has signed a five-year memorandum of understanding (MoU) with the Italian National Promotion Institution (CDP) to facilitate access to microcredit for Egyptian small and medium-sized enterprises (SMEs) in the agricultural sector, as per an emailed press release.
The MoU aims to set a framework for cooperation between ALEXBANK and the CDP, focusing on providing Egyptian farmers and agribusinesses with better access to financial resources and expertise.
It also seeks to drive sustainable development in Egypt’s agricultural sector and support Egyptian agribusinesses and other strategic sectors by exploring financing opportunities, co-financing participation, and guarantee systems.
“This agreement aligns with ALEXBANK’s strategy to strengthen ties between Egypt and Italy, particularly in vital sectors, by achieving sustainable development goals through agricultural activity development,” Paolo Vivona, CEO and Managing Director of ALEXBANK, said.
“Through collaboration with ALEXBANK, we aim to provide Egyptian small and medium-sized enterprises in the agri-food sector with concrete tools to encourage access to finance, particularly in the area of microcredit,” Paolo Lombardo, Head of International Cooperation and Development Finance at CDP commented.
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