CASHMERE INDUSTY REPRESENTATIVES’ SUCCESSFUL BUSINESS MEETING IN THE REPUBLIC OF ITALY
Headed by Member of Parliament, Chairman of the Mongolia-Italy Parliamentary Friendship Group B. Purevdorj, the Ministry of Food, Agriculture, and Light Industry, Mongolian Wool and Cashmere Association, Mongolian Sustainable Finance Association and representatives of 10 leading companies of the Mongolian wool and cashmere industry visited Italy from July 5 to 8, 2022 and successfully organized business meeting with Honorable Mr. Ettore Rosato, Vice President of the Chamber of Deputies of Italy, and some other representatives, ACIMIT /Association of Italian Textile Machinery Manufacturers/, and its member organizations, and loan insurance and financial institutions such as SACE /Italian Export Credit Agency/, European Brokers Association, SIMEST.
Mongolian Wool and Cashmere Association and SACE-accredited EBA financial group agreed to sign a Memorandum of Understanding to determine the optimal financing solution for the implementation of the medium and long-term program for the development of Mongolia’s wool and cashmere industry.
In addition, an official meeting was held with the legal representatives of Italian leading textile equipment manufacturers such as Autefa – Octir and Bigagli, and the Italian side has decided to cooperate with Mongolian wool and cashmere industry companies and enterprises by supplying the equipment they need urgently in accordance with a special program and a plan. Regarding this matter, Italian financial insurance groups and companies such as SACE, SIMEST, and EBA have expressed the possibility of providing loans of up to 5 million euros with preferential terms for a period of 3-5 years.
The parties have expressed their readiness to cooperate in the development and implementation of a financing scheme for the purchase of equipment worth up to 5 million dollars needed to establish a spinning factory at 1 or 2 companies in the Mongolian wool and cashmere industry.