Up to 50 million euros credit line to support local SMEs affected by the pandemic crisis and expand export opportunities for Italian companies operating in the region.
Rome, 05 August 2020 - Cassa Depositi e Prestiti (CDP), in its role as the Italian Financial Institution for Development Cooperation, signed the first impact finance loan in favor of the Eastern and Southern African Trade and Development Bank (TDB), among the main multilateral financial institutions active in Africa in promoting trade and regional economic integration. Under this agreement CDP will provide TDB with a credit line of up to 50 million euros to foster the development of the agro-industry, social infrastructure, health and education, transport and logistics sectors.
With this project, CDP contributes to the achievement of the United Nations Agenda 2030 Sustainable Development Goals (SDGs), promoting access to credit for businesses that will invest in innovation and sustainable productivity in the sectors of interest.
Thanks to CDP funding, TDB will be able to support local SMEs operating in key sectors affected by the Covid-19 pandemic crisis, helping to stabilize the system of economic relations and reactivate trade flows with Italy and Europe. The new partnership will allow CDP to support innovative project proposals amounting to over 200 million euros and to expand export opportunities for Italian companies active in sub-Saharan Africa.
The transaction places CDP into the group of TDB’s partner International Financial Institutions, already including the European Investment Bank (EIB), Kreditanstalt für Wiederaufbau (KfW), Commonwealth Development Corporation (CDC), Agence Française de Développement (AFD) and African Development Bank (AfDB).
"The strategic partnership with TDB will allow CDP to promote high-impact initiatives in Africa and support commercial exchange with Italian companies in the context of sustainable supply chains" affirmed Antonella Baldino, Chief CDP International Development Finance Officer, "The initiative strengthens the role of CDP in financing sustainable development and confirms our commitment towards achieving the SDGs in the sectors of excellence of the Italian system ".
Cassa Depositi e Prestiti (CDP) is a joint-stock company controlled by the Ministry of Economy and Finance and since 2016 it has been operating internationally as an Italian Financial Institution for Development Cooperation. CDP supports innovation, growth and internationalization of small, medium and large enterprises, public and private infrastructure projects, and investments to support energy efficiency and social development. For more information, visit www.cdp.it
Eastern and Southern African Trade and Development Bank (TDB) is a multilateral financial institution founded in 1985, with assets of $ 6.7 billion. The Bank's mandate is to finance and promote trade, regional economic integration and sustainable development mainly through trade finance activities and the financing of projects and infrastructures. For more information, visit the website: www.tdbgroup.org