Italy and AfDB Launch $1.3 Billion Partnership to Drive Africa’s Economic Growth

Date:

APULIA, Italy, June 15, 2024 — Italian Prime Minister Giorgia Meloni and African Development Bank (AfDB) President Dr. Akinwumi A. Adesina met during the G7 Summit in Puglia to announce a series of joint initiatives aimed at supporting Italy’s Mattei Plan for Africa and the Rome Process on Migration and Development. These initiatives, agreed upon during the Italy-Africa Summit in January 2024, represent a significant boost to Africa’s development efforts.

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Prime Minister Meloni emphasized the strategic importance of the Mattei Plan: “Italy’s ‘Piano Mattei’ will foster 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 sustain the development of initiatives with Africa’s public and private sectors, with additional opportunities for Italian businesses.”

President Adesina highlighted the potential impact of the partnership: “I applaud Prime Minister Meloni for her launch of the Mattei Plan and for selecting the African Development Bank Group as its strategic partner. Our partnership will deliver impactful development across African countries, expand access to energy, tackle climate change, support food security, boost health services, and expand skills and jobs for the youth. This will help create more economic opportunities in Africa and help stem drivers of migration.”

Key components of the partnership include:

1. Multi-Donor Special Fund: Aiming to support high-impact, climate-aligned investments in Africa, the fund includes an initial pledge of around $130 million in concessional loans and grants from Italy, with additional commitments from the UAE. The AfDB will match these contributions.
2. Bilateral Agreement: Italy and the AfDB will cofinance joint projects with approximately $150 million each in concessional loans and grants. Priority areas include energy, water, agriculture, health, education, and infrastructure.
3. Growth and Resilience Platform for Africa (GRAf): This platform aims to mobilize $820 million over five years for regional entrepreneurial activities, with CDP and AfDB each considering contributions of up to $200 million.
4. Alliance for Green Infrastructure in Africa (AGIA): Italy has committed up to $45 million to this initiative, which aims to mobilize $10 billion for green infrastructure investments across Africa.

The AfDB management will ensure these initiatives progress through the Bank Group’s decision-making process, reinforcing the commitment to drive economic diversification and development across the African continent.

By Naija247news
By Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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