The Caisses de Dépôt of France, Italy, Morocco and Tunisia are extending their collaboration in the face of serious Mediterranean problems

The practical outcome of the work of the Caisses de dépôt over a reasonable period of time is embodied in the implementation of a permanent consultation framework (CPC) to promote the exchange of best practices and knowledge among the Caisses and interaction with the Mediterranean financial ecosystem to promote the implementation of concrete projects with a direct impact on local populations.

The Mediterranean faces relevant challenges such as the 20% faster increase in temperatures than the world average, which represents a very worrying global warming. Among the most damaging direct effects is the serious endangerment of the unique marine and coastal biodiversity of the Mare Nostrum, together with desertification, coastal erosion, rising sea levels and drought, which causes water stress that conditions a large part of the situation of the riparian countries.  

Recent international events such as the crisis in the Middle East, the Russian invasion of Ukraine and the Covid-19 pandemic have increased energy problems, together with environmental challenges that have repercussions on the economic and social situation of the inhabitants of the Mediterranean regions. 

Among the counter-cyclical commitments made by the Caisses de dépôt in the face of these serious problems is the search for national solutions that are innovative, sustainable and in the general interest.

The heads of the financial institutions focused their work on three main issues that are at the heart of their priorities for action:

• Investment. As responsible investors and catalysts for private sector investment, the heads of the savings banks took stock of the various initiatives undertaken to boost and promote investment in the Mediterranean, following the example of Inframed. They also discussed the potential regional impact of investments made at the national level.  
• Climate and biodiversity. The Directors General reiterated that their institutions are actively contributing to efforts to protect ecosystems and adapt to climate change. Thanks to their triple expertise in ecology, territory and finance, their excellent knowledge of the territories and their ability to deploy long-term financing, the Caisses de Dépôt are major players in the design, development and support of solutions that reconcile biodiversity and economic development in a collaborative approach involving local stakeholders.  
• Financial innovation at the service of human potential. The CEOs pointed out that human ties remain very strong from one shore to the other, perpetuating this Mediterranean identity, the fruit of the intermingling of populations over the centuries. Diasporas, entrepreneurs, academics? The driving forces of both the North and the South must be fully involved in innovative solutions to meet the challenges of today and tomorrow. The CEOs reaffirmed their commitment to meeting the financing needs of start-ups and SMEs.

As a culmination of their work, the heads of these financial institutions agreed to the creation of a “permanent consultation framework” (CPC) that will provide a flexible and operational platform for discussion among the four institutions, enabling them to exchange best practices in key sectors such as urban development, climate change adaptation, biodiversity protection, sustainable infrastructure development and the financing of projects led by start-ups and SMEs.

The CPC will also promote interaction and coordination with the entire Mediterranean financial ecosystem, be it national structures similar to the Cajas de Depósitos model or key financial actors involved in the Mediterranean, such as the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), national development agencies or the various investor networks, particularly long-term investors, in order to ensure appropriate synergies between the various financial mechanisms.

They also welcomed the role and action of the Union for the Mediterranean (UfM) as a multilateral framework for cooperation in the Mediterranean fully committed to the sustainable and inclusive economic development of the region.

In the face of the many challenges facing the region, including climate change, the Directors General stressed that the Caisses de Dépôt are fully mobilized to continue to implement innovative and concrete responses to help people and protect the environment. 

Khalid Safir, CEO of CDG Morocco, stressed the need to seize this opportunity to put these institutions on the path of sustainable development. He stated that “if we want to have a better world tomorrow, and beyond the proclamation of principles, the Caisses de Dépôt must set new ambitions and certainly think of new methods of action. A new stage requires a new strategy. Our horizon must be to support all these transitions for the well-being of future generations.

Eric Lombard, CEO of CDC France, declared: “I am delighted that climate and environmental issues are at the heart of our discussions among Mediterranean credit unions. To meet the unprecedented challenges facing the region, collective and determined action is essential. That is the objective of this meeting and of our engagement with my Italian, Moroccan and Tunisian colleagues.”

Nejia Gharbi, Director General of CDC Tunisia, made a compelling statement at the meeting on the need to place actions on a sustainable development path. She stated that, in order to build a better future, it is imperative to adopt new ambitions and rethink methods of action. He stated: “Our horizon must be oriented towards supporting the transitions necessary for the well-being of future generations and for our actions to have an impact. As members of the Forum of Cajas de Depósitos, we share this commitment to collective and decisive action to address the multiple challenges facing our region.”