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Italian development organisation signs €100 million MoU with Afrexim bank to support food security in Africa

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AFREXIM

The Italian international development financial organization, Cassa Depositi e Prestiti S.p.A (CDP) and Afreximbank formalized an agreement with a Memorandum of Understanding (MoU) that establishes a €100 million fund aimed at bolstering food security across Africa.

Vincent Musumba, the Communications and Events Manager at Afreximbank, released a statement on Monday indicating that this financial provision will also bolster Afreximbank’s efforts in promoting climate-smart agricultural practices in Africa.

Furthermore, Cassa Depositi e Prestiti S.p.A (CDP) of Italy and Afreximbank executed another MoU to foster business collaborations between Italian and African entities.

According to the announcement, this funding is in addition to an earlier pledge by CDP of €100 million, thus increasing CDP’s total contribution to €200 million.

The statement revealed that the agreement was inked by Haytham ElMaayergi, Afreximbank’s Executive Vice-President, and Dario Scannapieco, CEO of CDP.

It was further detailed in the statement that the fresh injection of funds from CDP is intended to assist African businesses directly or through local financial intermediaries.

Furthermore, the statement noted that the initiative will allow Afreximbank to offer prompt and essential assistance to its member countries by supporting enterprises involved in the food security sector.

The statement also noted that this facility would aid in handling disruptions in the supply chain, especially concerning soft commodities.

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