Leaders of Deposit Banks from Four Countries Unite to Establish a Permanent Concertation Framework

The leaders of deposit banks from four countries - France, Italy, Morocco, and Tunisia, represented by Eric Lombard, Dario Scannapieco, Khalid Safir, and Nejia Gharbi, respectively - have joined forces to establish a Permanent Concertation Framework (PCF).

A New Era of Cooperation

On May 2, 2024, at the headquarters of Cassa Depositi e Prestiti in Rome, the directors of deposit banks from France, Italy, Morocco, and Tunisia launched an ambitious project. The goal is to facilitate the exchange of expertise and best practices between the banks, while strengthening ties with the financial sector in the Mediterranean region. The objective is to promote the implementation of concrete projects in essential areas such as urban development, climate change adaptation, biodiversity preservation, sustainable infrastructure development, and support for startups and SMEs. This initiative is a response to the multiple challenges facing the region.

Addressing the Challenges of the Mediterranean Region

The region is confronted with several challenges, including climate change, which is progressing 20% faster than the global average, threatening the unique marine and coastal biodiversity of the Mediterranean. Phenomena such as coastal erosion, rising sea levels, desertification, and water stress are already a reality for many countries in the region. In addition to environmental issues, the COVID-19 pandemic and the war in Ukraine have exacerbated social, economic, and energy problems. Deposit banks, as major stakeholders committed to the general interest, have acquired significant expertise in developing innovative solutions at the national level to address these challenges.

Three Key Axes of Action

The discussions between the general directors highlighted three essential axes, reflecting the priorities of each deposit bank:

1. Stimulating Investment in the Mediterranean: The leaders evaluated various initiatives aimed at stimulating investment in the Mediterranean, such as Inframed, highlighting the potential regional impact of national investments.
2. Protecting Ecosystems and Adapting to Climate Change: They reaffirmed their institutions' commitment to protecting ecosystems and adapting to climate change, showcasing their expertise in this area and their ability to propose solutions that reconcile biodiversity and economic development, in collaboration with local actors.
3. Mobilizing Human Resources: They emphasized the importance of fully mobilizing human resources, such as diasporas, entrepreneurs, and academics, to respond to current and future challenges, and reaffirmed their financial support for startup and SME projects.

Collaboration and Coordination

The PCF will also facilitate collaboration and coordination with the entire Mediterranean financial ecosystem, including national structures similar to deposit banks and key financing actors in the region, such as the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), national development agencies, and long-term investor networks. The goal is to ensure adapted synergies between different financial mechanisms.

Recognition of the Union for the Mediterranean

The participants expressed their appreciation for the role and action of the Union for the Mediterranean (UfM) as a multilateral cooperation framework engaged in promoting sustainable and inclusive economic development in the Mediterranean region.

Statements from the General Directors

During the meeting, Eric Lombard, General Director of CDC France, welcomed the emphasis on climate and environmental issues at the heart of the discussions between Mediterranean deposit banks. He stressed the imperative of collective and determined action in the face of unprecedented challenges facing the region. Khalid Safir, General Director of CDG Morocco, emphasized the importance of deposit banks engaging in a sustainable development path, affirming that a new strategy is necessary to accompany transitions towards a better future. Nejia Gharbi, General Director of CDC Tunisia, also highlighted the need for resolute action in favor of sustainable development, emphasizing the importance of adopting new ambitions and reviewing methods to respond to current and future challenges in the Mediterranean region.

Conclusion

In conclusion, the general directors reaffirmed their willingness to actively participate in international debates on development financing and ecological and digital transitions, considering that deposit banks represent an effective financial instrument for achieving these objectives.