Egypt, Italy sign agreements to back MSMEs, vocational training, and much more

A raft of Egypt-Italy agreements: The Madbouly government and local private players have signed several agreements with their Italian counterparts, which will see Italy pour over EUR 150 mn into Egypt, according to a statement from the International Cooperation Ministry.

ICYMI- The EU agreed earlier this month on a EUR 7.4 bn support package for Egypt under a new strategic and comprehensive partnership, which aims to support the country’s economic stability and address migration flows into the bloc.

MSME SUPPORT-

#1- EUR 100 mn to back food security projects: The Italian Deposits and Loans Fund will back African MSME projects that focus on food security via a EUR 100 mn package under an agreement with AfreximBank.

#2- EUR 45 mn to support MSMEs: The Italian fund will support the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) with a EUR 45 mn support package

#3- Financial support for Egyptian-Italian MSMEs: Italy’s ins.-financial group SACE has signed an MoU with the Bank of Alexandria to provide financial support for trade between Egyptian-Italian MSMEs. SACE has also signed another MoU with Orascom Construction to support Italian companies working on infrastructure projects in Egypt.

GRANTS-

Some EUR 5 mn grant agreements were inked between the International Cooperation Ministry and Italy’s Foreign Ministry.

#1- A EUR 3 mn grant will provide technical support for leather, furniture, and marble industrial zones in Egypt to optimize their production capacities.

#2- A EUR 1.8 mn grant will go to the National Council for Persons with Disabilities to boost its efforts integrating people with disabilities in society.

ALSO INKED-

Railways agreements: Italy’s hospitality group Arsenale will support the development of a tourist train in Egypt under an MoU inked with the Egyptian Railways Authority. The authority also inked an agreement with the Italian rail transport technologies developer MERMEC to procure a multiple-unit train.

Vocational education agreements: The General Confederation of Italian Industry (Confindustria) and the Federation of Egyptian Industries will cooperate on technical and vocational education under an MoU inked between the two sides. Meanwhile, Italy’s hospitality school Scuola Italiana di Ospitalità and Egypt’s Pickalbatros Hotels and Resorts Group signed an MoU to provide hospitality training programs.