ALEXBANK and WFP collaboration
On the 20th of December 2020, ALEXBANK signed a Memorandum of Understanding (MoU) with the World Food Programme (WFP), the world's largest humanitarian organization and the food-assistance branch of the United Nations . The MoU marks the beginning of an expected fruitful partnership under the umbrella of WFP’s Smallholders Support Program in Upper Egypt, in which both entities aim at supporting smallholder farmers by contributing to the sustainability of their economic activities via offering financial and non-financial services, enhancing their productive capacity and ensuring their equitable access to resources and opportunities.
The MoU will also pave the way for an exchange of experiences between both partners, including the WFP’s experience in providing technical support and agricultural services to communities concentrated in 500 of the most marginalized villages in Upper Egypt, and ALEXBANK’s extensive experience in tailor-made financial serviceprovision, in particular to marginalized community members.
“Under the umbrella of this partnership, both stakeholders will strive to yield a positive impact on the quality of life of smallholder farmers and their communities. The WFP’s efforts since the inception of the Smallholder’s Support Programme in Upper Egypt, will be complimented by ALEXBANK’s financial services, as a means of bridging financial gaps at the various communities where the WFP is currently operating, promoting full financial inclusion of smallholder farmers in those communities, granting them access to financial solutions that will facilitate their integration within the wider markets. ALEXBANK’s aim is also to keep affirming its commitment in supporting the agriculture and the agribusiness sectors also in remote areas, as mean to sustain a virtuous development of the Egyptian economy based on principles of sustainability and balanced wealth distribution.” Dante Campioni, Managing Director & CEO of ALEXBANK.
The WFP’s Representative and Country Director in Egypt, Dr. Menghestab Haile, emphasized the importance of the partnership with ALEXBANK, which is considered a major stride towards the advancement of the financial inclusion of Egyptian farmers. Haile noted “this partnership seeks to contribute effectively to the development of agricultural methods and the adoption of modern technology in agriculture in order to allow smallholder farmers to reach local and global markets. The MoU also strives to allow women to achieve their independence, thereby creating more job opportunities for the community at large and achieving goals that are in line with Egypt's Vision for 2030.”
The Financial Institutions Partnerships Officer, Dr. Mayar El Kheshen, said that the MoU marks the beginning of a fruitful partnership under the umbrella of the WFP’s Smallholders Support Program in Upper Egypt. By signing the protocol, ALEXBANK and the WFP Egypt jointly affirm their willingness to build the resilience of smallholder farmers and their communities by enhancing their productive capacity, ensuring that they have equitable access to resources and opportunities, and enabling them to sustainably maximize their output.
ALEXBANK’s CSR & Sustainable Development Strategy (2018-2021), which aligns with Intesa Sanpaolo’s Business Plan (2018-2021), as well as Egypt’s Vision for 2030 and the Sustainable Development Goals (SDGs), outlines the coordinated efforts exerted by the CSR & Sustainable Development Office and the Business team , aimed at developing and delivering innovative financial and non-financial solutions capable to support integrated economic development, environmental sustainability, and sustainable financial inclusion.
The agricultural sector saw notable growth and unprecedented revenues amidst the recent current challenges the world is undergoeing , with Egypt leading the production and exports of several products, reflecting the nation’s willingness intoand potential to developing the agricultural sector. Moreover, the government confirmed that it will continuously increase public investments by focusing on several promising sectors which represent fundamental growth potential, including agriculture and food industries.