The Prime Minister, Giorgia Meloni, and the President of the African Development Bank, Akinwumi A. Adesina, had a bilateral conversation on the sidelines of the G7 work relating to the joint projects to be implemented within the framework of the Mattei Plan. Below are the main initiatives launched, according to a joint note released at the end of the meeting.
The establishment of a special multi-donor fund serving the Mattei Plan for Africa and the Rome process for migration and development.
“The Fund aims for high-impact and climate-compatible investments in key strategic sectors in support of sovereign entities in Africa”, explains the note, “thanks to its multi-donor nature, it will be able to attract other international partners to join forces and leverage initial commitment was announced approximately 130 million dollars in highly concessional loans and grants from Italy, along with further commitment from the United Arab Emirates. The African Development Bank Group has committed to at least matching the Fund’s contributions on each project with its own resources.
A bilateral agreement between Italy and the African Development Bank group
The agreement, explains the note, “includes a co-financing agreement and a trust fund to jointly finance projects”.
“Italy fielded approximately $150 million in loans and grants highly subsidized and the African Development Bank Group will contribute with at least an equivalent sum”, continues the press release, “the objective is to carry forward the priorities of Italy and the African Development Bank as outlined in the Mattei Plan for Africa and the Italian Cooperation and Development Strategy to promote economic and strategic partnerships with African nations and institutions, building common commercial opportunities and expanding investment flows”. The priority sectors are energy, water, agriculture, healthcare, education and training and both physical and digital infrastructures.
A common platform to promote private sector investment, the Africa Growth and Resilience Platform (GRAF).
“The platform aims to mobilize financial activities in regional funds that would finance entrepreneurial activities in support of job creation in Africa”, explains the note, “the new Italian Financial Institution for Development Cooperation, Cassa Depositi e Prestiti, expressed the 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 evaluating a contribution of up to $200 million over that period.” Furthermore, the note recalls, “Italy has already committed to paying up to 45 million dollars to the Alliance for Green Infrastructure in Africa, a transformative initiative promoted by the African Development Bank, African Union and Africa-50 with the goal of mobilizing $10 billion to support green infrastructure investment across Africa“.