Rome, Italy, February 13th, 2025 – Cassa Depositi e Prestiti (CDP), Italy’s Development Finance Institution, and the Islamic Development Bank Group (IsDB Group) have signed a Memorandum of Understanding (MoU), marking the first collaboration initiative between the two financial institutions.
The agreement, signed at CDP’s Headquarters in Rome by Dario Scannapieco, Chief Executive Officer of CDP and Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank Group, establishes a strategic framework for cooperation in international development finance. It aims to support projects with high economic, social, and environmental impact in emerging markets and developing countries, particularly in Africa, in alignment with the Italian Government’s Mattei Plan.
The partnership between CDP and the IsDB Group will focus on strategic economic growth areas, including knowledge-sharing, co-financing, and co-investment opportunities in sectors such as climate and environmental sustainability, energy access, food security, agriculture, sustainable infrastructure, and private sector development, with a particular emphasis on supporting SMEs and local job creation.
Additionally, it defines methods to promote Italian businesses' engagement in IsDB Group Member Countries by facilitating access to opportunities, disseminating information on procurement processes, and supporting gender and youth empowerment initiatives. This collaboration will focus on key regions where both CDP and IsDB Group operate, ensuring a tailored approach to development efforts primarily in Africa, as well as in other regions including Central and Southeastern Asia.
The Memorandum of Understanding (MoU) stems from the partnership initiated during the Riyadh COP16 side event between the Arab Development Banks and the Italian Financial Institutions, following the agreements concluded on the occasion of the Italian Government’s Official Mission, which took place in Al Ula, Saudi Arabia on January 26th.
"The partnership with the Islamic Development Bank Group represents a significant step forward in CDP’s international development cooperation strategy. Mutual cooperation in strategic sectors is a key driver of impact. By combining joint efforts and knowledge sharing, we can amplify the scope of our initiatives, supporting sustainable and inclusive economic growth in key regions, particularly Africa, in line with the Italian Government's Mattei Plan" Dario Scannapieco, CEO of CDP, has declared.
IsDB Group Chairman, Dr. Muhammad Al Jasser emphasized “Partnerships have always been a cornerstone of the IsDB Group’s mission. As we navigate the evolving development landscape, I am committed to setting an ambitious yet adaptable co-financing framework that enhances collaboration between our institutions. By aligning our efforts, we can maximize impact, drive sustainable development, and effectively address the growing needs of our member countries.”