Arab Finance: Bank of Alexandria, one of the banks of the Intesa Sanpaolo group, signed a five-year memorandum of understanding with the Italian Deposit and Loan Fund (CDP), the national promotion body of Italy, to make it easier for small and medium-sized companies, especially microfinance clients working in the agricultural sector, to obtain financing, as The MoU reflects Egypt’s Vision 2030 and Intesa Sanpaolo Group’s commitment to sustainable growth in the countries in which it operates, said the statement sent on October 29.
The memorandum of understanding aims to establish a framework for cooperation between the Bank of Alexandria and the Italian Deposit and Loan Fund (CDP). It also works to provide financial resources and better expertise for Egyptian farmers and agricultural businesses by benefiting from Italian experience in the field of agriculture, in addition to promoting sustainable development in the sector. Egyptian Agriculture and supporting agriculture, agribusiness and other strategic sectors in Egypt by exploring financing opportunities, participating in financing and guarantee systems.
Paolo Viviona, CEO of Alexbank, expressed his happiness at signing the memorandum of understanding with the Italian Deposit and Loan Fund (CDP) and said: “This partnership is not just an agreement, but rather a commitment to providing innovative and effective financial solutions aimed at improving the conditions of small farmers and increasing productivity in the sector.” Agricultural.
He also added, “This agreement is in line with the Bank of Alexandria's strategy to strengthen relations between Egypt and Italy, especially in vital sectors, as it works to achieve sustainable development goals by developing the agricultural sector. We are also always committed to investing in the Egyptian agricultural sector, which contributes more than 11%.” In the gross domestic product, it employs more than 25% of the country’s workforce.”
As stated by Paolo Lombardo, Head of International Cooperation and Development Finance at the Italian Credit and Deposit Fund (CDP): “In cooperation with the Bank of Alexandria, we aim to provide concrete tools for Egyptian SMEs in the agri-food sector to encourage and facilitate access to financing, especially in the field of microfinance.” “The protocol is also in line with the commitment of the Italian Deposit and Loan Fund (CDP) to the initiatives promoted by the Italian government within the Mattei Plan, creating opportunities in a strategic sector for Egypt such as the agricultural sector, while also addressing food security issues.”
It is worth noting that the memorandum of understanding was signed during the “One Day Market for Farmers and Food Products” in Alexandria, which was organized by the Alexandria Chamber of Commerce with the aim of supporting local farmers. Within the framework of the financial inclusion strategy of the Bank of Alexandria and as part of its contribution to this event, the Bank of Alexandria provided microfinance products, including programs for financing livestock and agricultural crops at reasonable prices, and presented an offer for electronic point-of-sale devices without commission for a year to encourage non-cash and card-based transactions. It also offered a savings account, “Ibda,” with annual interest of up to 14%, without a minimum balance or fees to open the account.
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