AgenPress. The Italian Prime Minister, Giorgia Meloni, and the President of the African Development Bank Group, Dr. Akinwumi A. Adesina, met on the sidelines of the G7 Heads of State and Government Summit in Puglia. The discussion focused on the upcoming launch of a series of joint initiatives to support the implementation of the Mattei Plan for Africa and the Rome Process agenda on migration and development, as agreed during the Italy-Africa summit held in Rome in January 2024.
“The Italian “Mattei Plan” will promote economic and strategic partnerships with African nations and institutions, and the African Development Bank Group is our main strategic financial partner for its implementation. Our collaboration will support the development of initiatives with Africa’s public and private sectors, with further opportunities for Italian businesses,” said Prime Minister Meloni.
President Adesina said: “I congratulate Prime Minister Meloni for launching the Mattei plan and for choosing the African Development Bank Group as a strategic partner to implement it for Africa. Our partnership will deliver impactful development effects across African countries, expand access to energy, address climate change, support food security, strengthen health services and expand skills and jobs for youth. This will help create greater economic opportunities in Africa and stem the factors that drive migration.”
The establishment of a multi-donor Special Fund at the service of the Mattei Plan for Africa and the Rome Process on migration and development. The Fund targets high-impact, climate-aligned investments in key strategic sectors supporting sovereign entities in Africa. Thanks to its multi-donor nature, it will be able to attract other international partners to join forces and leverage funding. Italy announced an initial commitment of approximately $130 million in highly concessional loans and grants, along with a further commitment from the United Arab Emirates (UAE). The African Development Bank Group has committed to at least matching the Fund’s contributions to each project with its own resources.
A bilateral agreement between Italy and the African Development Bank Group which provides for a co-financing agreement and a trust fund to finance joint projects. Italy has committed approximately $150 million in highly concessional loans and grants, and the African Development Bank Group will match at least that amount. The objective is to pursue the priorities of the Italian Bank Group and the African Development Bank established by the Mattei Plan for Africa and by the Italian Development Cooperation strategy, to foster economic and strategic partnerships with African nations and institutions by building opportunities for common businesses and increasing investment flows. The priority sectors are energy, water, agriculture, healthcare, education and training, and both physical and digital infrastructure.
A common platform to promote private sector investment, the Growth and Resilience Platform for Africa (GRAf). The platform aims to mobilize equity capital towards regional funds that will finance entrepreneurial activities to support job creation in Africa. Italy’s development finance institution (DFI), Cassa Depositi e Prestiti (CDP), has indicated its intention to catalyze up to approximately $820 million over a five-year horizon together with key African and international partners, with CDP and the African Development Bank Group each considering up to $200 million over the same period.
Furthermore, Italy has already committed to contributing up to $45 million to the Alliance for Green Infrastructure in Africa (AGIA), a transformation initiative promoted by the African Development Bank Group, the African Union and Africa -50 aimed at mobilizing 10 billion dollars to support investments in green infrastructure. infrastructure across Africa.
The Bank’s Management diligently conveys these joint initiatives within the Banking Group’s decision-making process.
){kind=link}