Latest news with #MatteiPlanforAfrica
Broadcast Pro
5 days ago
- Business
- Broadcast Pro
Sparkle and Algérie Télécom sign MoU for new subsea cable
Under the agreement, Sparkle and Algérie Télécom will build a high-capacity submarine cable between the two nations. Sparkle, the first international service provider in Italy and among the top global operators, and Algérie Télécom, the national telecommunications operator in Algeria, which offers a wide range of fixed-line, Internet, and enterprise solutions, have signed a Memorandum of Understanding (MoU) for the development of a new subsea cable linking Italy and Algeria. The agreement was announced during the sixth Italy-Algeria Business Forum held yesterday in Rome, in the presence of the President of the Council of Ministers of Italy, Giorgia Meloni, and of the President of the People's Democratic Republic of Algeria, Abdelmadjid Tebboune. As part of the MoU, Sparkle will realise with Algérie Télécom a submarine cable linking Italy and Algeria and provide related value-added services on cybersecurity and cloud computing, technical support for data centre development, training across key technical topics as well as a point of presence in Europe fully dedicated to Algérie Télécom, all aimed at supporting Algerias digital transformation. The new, dedicated submarine cable will provide a high-capacity route to Europe, delivering enhanced performance, ultra-low latency, and full redundancy compared to existing infrastructures. By doing so, it will also support the growing demand for internet services and digital content, offering an outstanding connectivity experience for both consumers and businesses. Commenting on the MoU, Enrico Bagnasco, CEO of Sparkle, said: 'This agreement marks a significant step in strengthening digital ties between Europe and North Africa. We are proud to contribute to Algerias digital future by delivering modern infrastructure as well as innovative and secure solutions for fast and resilient international connectivity.' Adel Bentoumi, CEO of Algérie Télécom, added: 'The strategic partnership with Sparkle confirms the long-standing relationship between our two companies and reflects our shared commitment to innovation and excellence. We believe that this project will play a key role in diversifying our international routes and in meeting the increasing needs of our customers across Algeria.' The Italy-Algeria Business Forum aims to strengthen bilateral cooperation between the two countries in strategic sectors such as energy, innovation, education, agriculture and culture. It forms part of the Mattei Plan for Africa, through which Italy seeks to build balanced partnerships based on mutual respect and shared benefits.
Business Insider
21-06-2025
- Business
- Business Insider
EU and Italy announce major debt-relief deal for Africa
Italy is working with the European Union on a debt-relief plan for African countries, as part of its broader push to foster development on the continent and address the root causes of irregular migration. " The entire 10-year operation will allow us to convert some 235 million euros ($270.67 million) of debt into development projects to be implemented locally," Italian Prime Minister Giorgia Meloni, said. In addition to the EU-led efforts, Italy is advancing its strategic framework, the Mattei Plan for Africa, which aims to accelerate growth in agriculture, energy, and infrastructure across African nations, according to Reuters. The European Union's involvement complements these efforts through its Global Gateway strategy, launched in 2021 to foster sustainable, high-standard investment as an alternative to China's Belt and Road Initiative. One of the flagship projects under this collaboration is funding for a new transport corridor connecting Angola's Lobito port with Zambia and the Democratic Republic of the Congo, a crucial mineral export route. "Investing in infrastructure is not just building railways, bridges and dams. It is also investing in training for local workers because that builds capacity and that is how transfer of expertise happens. And this results in positive spillovers all across the local economies of Africa. There is no better example than our work on the Lobito corridor," President of the European Commission, Ursula von der Leyen said. Meloni also stressed the urgency of addressing Africa's growing debt burden, warning it could 'undermine all other efforts' toward inclusive and sustainable development if left unaddressed. She revealed that a new initiative is being developed to reduce the debt load of low- and middle-income African countries by up to 50%. While she did not provide specific details, she emphasized that addressing debt was central to Italy's broader strategy for fostering long-term growth and stability in Africa.
El Chorouk
03-06-2025
- Business
- El Chorouk
Sixth Algerian-Italian Summit To Be Held Soon in Rome
The sixth high-level bilateral summit between Italy and Algeria will soon be held in Rome, the Italian Ambassador to Algeria, Alberto Cutillo, said. Ambassador Cutillo emphasised that Algeria 'has been and will remain a distinguished partner for his country.' He described the relationship between the two countries as 'a true friendship that remains alive even in the most difficult moments.' He confirmed that the Italian-Algerian relationship is based on dialogue, mutual trust, shared roots, and a unified vision for the future. He noted that Algeria plays a pivotal role within the framework of the Italian government's Mattei Plan for Africa. The Italian diplomat's announcement was made during a celebration organised by his country's embassy in Algiers on Monday evening to mark the 79th anniversary of the founding of the Italian Republic, 'Republic Day'. The ceremony was held at the ambassador's residence. It was attended by the Minister of Industry, Sifi Ghrieb, and the Vice-Presidents of the National People's Assembly and the Council of the Nation, Monder Bouden and Rabah Baghali, along with some ambassadors and diplomats accredited to Algeria, representatives of the Italian community, and Italian institutions active in Algeria. The Italian ambassador noted that the sixth bilateral summit between Algeria and Italy will be held in Rome, adding that it will be organised in light of the two countries' desire to build an equal partnership based on mutual respect and shared benefit. In his address, Cutillo recalled that on June 2, 1946, the Italian people elected a republic, which represents a powerful symbolic milestone. For the first time, Italian women were called to the polls. He described it as 'a day of freedom, democracy, and participation that continues to inspire the present and the future.' The ambassador also highlighted Algeria's pivotal role within the framework of the 'Mattei Plan for Africa' in strengthening the partnership between the two shores of the Mediterranean, emphasizing that this initiative represents a model of 'an equal partnership that imposes nothing, but is built jointly, based on respect and mutual benefit.' He concluded that the areas of energy, innovation, infrastructure, culture, training, and agriculture represent the pillars of bilateral cooperation, supported by tangible dynamism from institutions, universities, and civil society in both countries.
Ya Biladi
28-05-2025
- Business
- Ya Biladi
OCP and SACE sign €365M green financing deal to boost sustainability in Morocco
The OCP Group and SACE, an Italian insurance and finance group controlled by Italy's Ministry of Economy and Finance, announced on Tuesday the signing of a green financing agreement worth €365 million. This is the first financing secured under OCP's Green Finance Framework and marks the first transaction guaranteed in Morocco as part of SACE's Push Strategy. According to a joint statement, this partnership reinforces OCP's commitment to sustainability and innovation in plant and soil nutrition solutions. The financing, structured as an untied export credit, is backed by comprehensive insurance coverage under SACE's Push Strategy and was arranged by BNP Paribas and Crédit Agricole Corporate and Investment Bank (CACIB). In line with OCP's Green Finance Framework, the funds will support the company's $13 billion green investment program for 2023–2027. This includes a goal to rely 100% on non-conventional water sources by early 2025, reaching a desalination capacity of 560 million m³ per year by 2027, ensuring complete water autonomy. The program also aims to achieve 100% clean energy use by 2027, complete carbon neutrality by 2040 (with Scopes 1 and 2 by 2030, and Scope 3 by 2040), and a significant increase in green fertilizer production to support sustainable agriculture and global food security. Beyond financing, the agreement also opens new business opportunities for OCP Group and Italian suppliers through business matchmaking initiatives organized by SACE. SACE's Push Strategy is designed to support Italian export opportunities in strategic sectors of the Mattei Plan for Africa, such as green technologies, as well as mechanical and hydraulic components. Armando Barucco, Italy's ambassador to Morocco, welcomed the initiative as a boost to economic collaboration, unlocking new opportunities across multiple sectors and consolidating a solid foundation for trade and bilateral investments. Michal Ron, SACE's international director, described the Push Strategy as a key tool for creating new export opportunities, particularly for SMEs. For his part, Karim Lotfi Senhadji, OCP's Chief Financial Officer, emphasized the importance of the partnership in accelerating the transition to 100% clean energy and 100% non-conventional water, with the aim of securing OCP's leadership in sustainable plant nutrition solutions.
Zawya
25-02-2025
- Business
- Zawya
Italy's SACE to provide $350mln to two UAE companies for Africa infrastructure projects
SACE, Italy's state-owned export credit agency (ECA), has signed agreements with two UAE-headquartered companies to support renewable energy, water infrastructure, and sustainability projects in Africa while opening up opportunities for Italian exports. The agreements, aligned with Italy's Mattei Plan for Africa, were formalised during the Italy-UAE Business Forum in Rome. Under the two agreements, SACE will provide financial and insurance solutions worth a combined $350 million, on tied and untied basis, to the two companies to support Italian exports to Africa and the UAE and the international expansion of Italian companies. The agreements also aim to enhance procurement from Italy through untied loans guaranteed by SACE though Push Strategy facilities as well as through traditional export credit insurance. SACE will provide $250 million to AMEA Power to support projects in renewable energy production, desalination, green ammonia and green hydrogen projects. The ECA will provide $100 million to Metito Utilities for projects related to water supply, desalination, wastewater treatment, irrigation and waste-to-energy solutions in Africa, the UAE and other suitable areas. (Writing by SA Kader; Editing by Anoop Menon)
