ALEXBANK Signs 5-Year MoU with CDP to Support Egypt’s Rural Development and Agri-Sector

High-Level Officials in Attendance

The signing ceremony was attended by Egypt’s Minister of Supply and Internal Trade, H.E. Sherif Farouk; Italian Minister of Agriculture, Food Sovereignty, and Forestry, H.E. Francesco Lollobrigida; the Italian Ambassador to Egypt, H.E. Michele Quaroni; Alexandria Governor General Ahmed Khaled; and several key leaders, including Dr. Alaa Ezz, Secretary General of the Confederation of Egyptian-European Business Associations, and Ahmed Al-Wakeel, President of the General Federation of Egyptian Chambers of Commerce and the Alexandria Chamber of Commerce.

Representing ALEXBANK was CEO Paolo Vivona, alongside Deputy CEO for Retail, MSMEs & Digital Banking, Ramy Taha. Francesco Masera, Head of Business Promotion, Governance, and CIS Partnerships at CDP, also attended.

Framework for Enhanced Access to Finance

The MoU outlines a collaborative framework between ALEXBANK and CDP to support Egyptian farmers and agribusinesses by providing accessible financial resources and sector expertise.

By leveraging Italy’s extensive experience in sustainable agriculture and innovative agricultural technologies, the agreement aims to foster sustainable development within Egypt’s agricultural landscape. Through the partnership, ALEXBANK and CDP will explore co-financing and guarantee systems, empowering Egyptian farmers to access new financing opportunities to support agricultural and strategic sectors.

Leadership Statements on the Partnership

Paolo Vivona, CEO of ALEXBANK, expressed his optimism regarding the partnership, stating, “This agreement marks a commitment to delivering innovative financial solutions that enhance the conditions of small-scale farmers and improve productivity in the agricultural sector.

Our goal is to strengthen Egypt-Italy relations and contribute to achieving sustainable development goals by advancing agricultural practices. ALEXBANK is dedicated to investing in Egypt’s agricultural sector, which contributes over 11% of GDP and employs more than 25% of the workforce.”

In alignment with the Italian Government’s “Piano Mattei” initiative, Paolo Lombardo, Head of International Cooperation at CDP, commented, “Our collaboration with ALEXBANK is aimed at providing Egyptian SMEs in the agri-food sector with effective tools to encourage access to finance, especially through microcredit.” He emphasized that the protocol aligns with CDP’s strategic objectives of fostering opportunities in Egypt’s agricultural sector while addressing food security challenges.

ALEXBANK’s Financial Inclusion Initiatives

The MoU signing took place during the “One-Day Market for Farmers and Food Products” in Alexandria, organized by the Alexandria Chamber of Commerce to support local farmers. As part of its commitment to financial inclusion, ALEXBANK offered discounted pricing on microfinance options, particularly for livestock and crop financing. Additionally, ALEXBANK provided point-of-sale (POS) devices free of commission for one year to promote cashless, card-based transactions and introduced the Ebda2’ savings account, featuring an annual interest rate of 14% with no minimum balance or account opening fees.

Background on Egypt’s Agricultural Sector

Agriculture is a vital sector in Egypt, contributing over 11% to the national GDP and employing more than 25% of the workforce. With pressing challenges facing the sector, this partnership between ALEXBANK and CDP aims to empower Egyptian farmers, enhancing their financial and productive capabilities.

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