BAKU, Azerbaijan, February 14. Italy’s development finance institution, Cassa Depositi e Prestiti (CDP), and the Islamic Development Bank Group (IsDB Group) have signed a Memorandum of Understanding (MoU), marking their first collaboration in international development finance, Trend reports via the IsDB.
The agreement, signed at CDP’s headquarters in Rome by CDP Chief Executive Officer Dario Scannapieco and IsDB Group Chairman Muhammad Al Jasser, establishes a strategic framework to support projects with significant economic, social, and environmental impact. The initiative will focus on emerging markets and developing countries, particularly in Africa, aligning with the Italian government’s Mattei Plan.
Under the partnership, CDP and IsDB Group will collaborate in key areas of economic growth, including knowledge-sharing, co-financing, and co-investment opportunities. Targeted sectors include climate and environmental sustainability, energy access, food security, agriculture, sustainable infrastructure, and private sector development. Special emphasis will be placed on supporting small and medium-sized enterprises (SMEs) and job creation.
The agreement also aims to enhance the involvement of Italian businesses in IsDB Group member countries by facilitating access to investment opportunities and procurement processes. Additionally, the partnership will promote gender and youth empowerment initiatives.
The MoU builds on discussions held during the Riyadh COP16 side event between Arab development banks and Italian financial institutions. It also follows agreements made during the Italian government’s official mission to Al Ula on January 26.
The collaboration will focus on Africa as a primary region, while also extending to Central and Southeastern Asia, ensuring a tailored approach to development efforts in key markets.
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