Egypt, Italy sign agreement to support SMEs and Robbiki Leather City project

EGYPTEgypt has signed an agreement with Italy that aim to support the Robbiki Leather City project technically and boost small and medium-sized enterprises (SMEs).

Minister of International Cooperation Rania Al-Mashat and Italy’s ambassador to Egypt Giampaolo Cantini represented the countries in the signing which comes within the framework of bilateral cooperation agreements between the Egyptian and Italian governments.

The first agreement is a grant of about €6 million (US$7.5 million) to finance technical assistance to complete the implementation of Robbiki Leather City, which aims to establish a city specialized in the production and tanning of leather in Badr City.

According to Al-Mashat, this will encourage and support the competitiveness of Egyptian leather production locally and abroad, and eliminating environmental pollutants resulting from chemicals used in tanning operations.

According to Al-Mashat, this will encourage and support the competitiveness of Egyptian leather production locally and abroad, and eliminating environmental pollutants resulting from chemicals used in tanning operations.

The minister added that the second agreement is to amend the protocol for the Small and Medium Enterprises Development Authority (SMEDA), which is worth US$12.9 million, aiming to support financing the purchase of equipment, technology transfer, and related technical assistance.

Al-Mashat explained that the Ministry of International Cooperation seeks to strengthen the global partnerships for effective development, an approach set by the ministry, through the principles of economic diplomacy.

“These principles include regularly organizing multi-stakeholder platforms to ensure that all projects between development partners are streamlined and effectively coordinated to accelerate the pace of development for the achievement of UN’s Sustainable Development Goals (SDGs); adopting a consistent Global Partnerships Narrative People & Projects & Purpose (P&P&P); and mapping ODA financing to SDGs for all projects with multilateral and bilateral development partners,” Al-Mashat added.

The ongoing cooperation portfolio with Italy amounts to about €73.6 million (US$86m), which covers various sectors that include trade, industry, agriculture, SMEs, support for children’s rights, health, and economic and social development, according to the international cooperation ministry.

Meanwhile, the cooperation portfolio between Egypt and Italy within the framework of the debt swap program is worth US$350 million dollars, in which US$149.9 million is allocated for the first phase, and US$100 million is allocated for the second phase, through which about 88 projects were funded, according to the international cooperation ministry.

The third phase was signed in 2012 and is worth about US$100 million.

The agreement was also inked to expand the projects of applied technological schools, and enhance the skills of teachers with a total of EGP 40.8 million, which is used to develop technical education, support the capabilities of graduates, and establish a network that includes a large number of applied schools that are managed through the Applied Technology Schools Administration Unit at the Ministry of Education and Technical Education, according to Al-Mashat.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.