Signed the agreement between Simest, Abi and Arab Bank Union: shortly a working group will give life to the Mediterranean Partnership Fund, a fund of about 200 million dollars that Italy is creating with the collaboration of the countries concerned, the EIB (European Investment Bank), the Union of Arab Banks and other private entities.
An international public-private financial instrument designed to promote the integration between the economy and markets of Mediterranean and Middle Eastern countries, creating a large free trade area capable of encouraging productive investments and entrepreneurial initiatives especially small and medium-sized enterprises.
The goal is to accompany the economic development of the Mediterranean area, through a maximum allocation of funds already set at 800 million dollars (about 584 million euros at current exchange rates).
The fund will act on four fronts: venture capital (that is, it will enter the capital of young high-tech companies to accompany their growth), it will release guarantees which will facilitate access to bank credit, funding directly to SMEs in the area and will supply them assistance and advice.
The letter of intent was signed by the managing director of Simest Massimo D'Aiuto, the vice president Abi Guido Rosa and the secretary general of the Union of Arab banks Wissam H. Fattouh, on the occasion of a conference held at the Abi which All the main Italian and Mediterranean banks took part, in the presence of Undersecretary for Foreign Affairs Stefania Craxi, Undersecretary for International Trade Catia Polidori and the Moroccan Ambassador to Italy Abouyoub Hassan.
Simest in the Middle East and North Africa there are already 149 projects approved by Simest, the invested capital is 179 million euros and total investments amount to 4,064 billion. The sectors involved are: textile-clothing, building-construction, agri-food and rubber-plastic.
