The financing will support the Bank’s interventions in food security and climate smart agriculture; The two also signed an MoU to enhance cooperation between Italian and African companies.

Cassa Depositi e Prestiti S.p.A (CDP) Italy, the official Italian financial institution for international development cooperation and Africa Export-Import Bank (Afreximbank) have signed a new financing facility worth €100 million to support the Bank’s interventions in food security and climate-smart agriculture in Africa.

The financing adds to an initial commitment from CDP of €100 million, lifting the total financing from CDP to €200 million. The two financial institutions also entered into a Memorandum of Understanding (MoU) to foster synergies between Italian and African companies.

The partnership was announced during the inauguration of CDP’s new office in Cairo, the first operational headquarter of the Italian institution in Africa. Haytham ElMaayergi, Executive Vice President of Afreximbank, and Dario Scannapieco, Chief Executive Officer of CDP signed the agreement.

The new financing from CDP will be used to provide support, either directly to eligible African enterprises, or indirectly through local financial intermediaries. Some of the projects that will be financed will include those related to local production and import of essential soft commodities such as cereals and fertilisers.

Commenting on the event, Mr. ElMaayergi said that the facility would support Afreximbank’s drive to increase food production in its member countries and would also help Africa to achieve food security through private sector intervention. Additionally, it will support the development of alternative food channels, including increasing investments in climate-smart agriculture, to increase food yield and provide resilience to businesses in the food and agriculture space.

He added that “the MOU will promote collaboration between Italian and African enterprises and will bring Africa and Italy closer with the aim of promoting intra and extra-African trade. The collaboration, he said, includes co-financing of eligible transactions with sovereigns, corporates and financial institutions in Afreximbank’s member countries, and the organisation, participation and promotion of matchmaking events with African stakeholders and local business communities in Italy, or any of Afreximbank’s member countries.

On his part, Mr. Scannapieco said: “Food security and the resilience of agricultural supply chains are key issues for the development of the African continent, as also highlighted by the initiatives undertaken by the Italian government with the Mattei Plan. Through collaboration with Afreximbank, CDP will be able to guarantee resources to local SMEs operating in these sectors, while at the same time favouring the creation of opportunities for Italian companies. This commitment will further be reinforced through the opening of our new office in Cairo, which confirms the centrality of Africa in CDP strategy.” 

This new facility will enable Afreximbank to provide timely and necessary support to its member countries through businesses in the food security space and bolster management of supply chain crisis, particularly around soft commodities. This will in turn contribute to the stabilisation of food security and the diversification of supply sources in Africa.

Distributed by APO Group on behalf of Afreximbank.

Media Contact:
Vincent Musumba
Manager, Communications and Events (Media Relations)
Email: press@afreximbank.com
Tel: +20 2 24564100 /1/2/3
Mobile: +201030121123

About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of September 2023, Afreximbank’s total assets and guarantees stood at over US$33.4 billion, and its shareholder funds amounted to US$5.8 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

Philippine Ambassador to South Africa Noralyn Jubaira Baja met with Ambassador Andre Groenewald, Director of the Diplomatic Training and Research Development Institute of the South African Department of International Relations and Cooperation (DIRCO-DTRDI).

The main objective of the meeting was to discuss and exchange views on how to implement the Memorandum of Understanding (MOU) on diplomatic training and research which was signed between DIRCO-DTRDI and the Foreign Service Institute (FSI) of the Philippines on 23 February 2023.

The meeting ended on a positive note, with both sides agreeing to explore cooperation in areas of mutual interest such as middle power diplomacy, blue economy, and artificial intelligence under the framework of the MOU.

First Secretary and Consul Maurice A. Tiempo accompanied Ambassador Baja during the meeting.

Ambassador Groenewald previously served as South Africa’s top envoy to Ukraine, Armenia, Georgia and Moldova from 2019 to 2023. As a career diplomat, he has served at various offices in DIRCO. This is not his first time to be assigned at DTRDI and he has played a key role in strengthening DIRCO’s training arm to capacitate diplomats not only from South Africa, but also from other African countries.

Distributed by APO Group on behalf of Department of Foreign Affairs, Republic of the Philippines.

Ambassador Marie Charlotte G. Tang, with residence in Nairobi, Kenya, presented her credentials to Somali President Hassan Sheikh Mohamud on 21 March 2024 at the Villa Somalia in Mogadishu, capital of Somalia, making her the first Philippine Ambassador to be accredited to the country. 

During the ceremony, Ambassador Tang conveyed the warm greetings of President Ferdinand R. Marcos Jr. to President Mohamud and to the Somali people.

Ambassador Tang commended the security and socio-economic gains in Somalia under the leadership of President Mohamud and reaffirmed the Philippines’ full support for the country’s continued progress. She expressed her desire to work with the Somali government in exploring areas of cooperation to further enhance bilateral relations.

President Mohamud conveyed his appreciation to President Marcos for appointing an ambassador to Somalia. He voiced his hope for Philippine companies to consider the investment opportunities in Somalia, highlighting the country’s rich maritime resources and ongoing infrastructure improvements.

While in the country, Ambassador Tang also met with members of the Filipino community in Somalia, many of whom are professionals and skilled workers working with UN agencies and contractors servicing the UN. The Filipino community expressed appreciation for having a Philippine ambassador visit them in Mogadishu for the first time.

Somalia, located in the Horn of Africa, boasts the longest coastline on mainland Africa, stretching over 3,000 kilometers along the Gulf of Aden and the Indian Ocean. While the country was battered by decades of political and economic upheavals, it has recently made advances in promoting security, development, and resilience. In 2023, Somalia was officially admitted as the newest member of the East African Community (EAC). 

The Philippines and Somalia formally established relations on 20 April 1976, with Somalia being one of the 12 African countries under the jurisdiction of the Philippine Embassy in Kenya.

Distributed by APO Group on behalf of Department of Foreign Affairs, Republic of the Philippines.