In a significant move to bolster Africa’s economic development through the Mattei Plan, Italian Prime Minister Giorgia Meloni and African Development Bank Group President Dr Akinwumi A. Adesina met during the G7 Heads of State and Government Summit in Puglia, Italy.
Their discussions centred on launching a series of joint initiatives to support Italy’s Mattei Plan for Africa and the Rome Process on Migration and Development, as outlined during the January 2024 Italy-Africa Summit.
Prime Minister Meloni emphasized the strategic importance of these partnerships, stating, “Italy’s ‘Piano Mattei’ will foster economic and strategic partnerships with African nations and institutions, and the African Development Bank (AfDB) 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 echoed these sentiments, praising the initiative. “I applaud Prime Minister Meloni for launching the Mattei plan and selecting the African Development Bank (AfDB) Group as its strategic partner to deliver it for Africa. 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,” he said.
One of the cornerstone initiatives discussed was the establishment of a multi-donor special fund to support the Mattei Plan for Africa and the Rome Process on Migration and Development. This fund aims to attract high-impact, climate-aligned investments in key strategic sectors supporting African sovereign entities.
Italy has announced an initial pledge of approximately $130 million in highly concessional loans and grants, alongside an additional commitment from the United Arab Emirates (UAE). The African Development Bank Group has pledged to match these contributions to each project with its resources.
A significant bilateral agreement was also reached between Italy and the African Development Bank Group, involving a co-financing arrangement and a trust fund to finance joint projects. Italy has committed around $150 million in highly concessional loans and grants, with the African Development Bank Group agreeing to match this amount.
The aim is to align with the priorities set by the Mattei Plan for Africa and the Italian Development Cooperation strategy, focusing on energy, water, agriculture, health, education, and physical and digital infrastructure.
The Growth and Resilience Platform for Africa (GRAf) was also introduced to promote private-sector investments. This platform seeks to mobilize equity capital from regional funds to finance entrepreneurial activities supporting African job creation.
The Italian Development Financial Institution (DFI), Cassa Depositi e Prestiti (CDP), plans to catalyze up to approximately $820 million over five years in collaboration with key African and international partners. CDP and the African Development Bank (AfDB) Group are considering contributions of up to $200 million each over the same period.
Moreover, Italy has committed up to $45 million to the Alliance for Green Infrastructure in Africa (AGIA), an initiative spearheaded by the African Development Bank Group, the African Union, and Africa-50. This transformative project aims to mobilize $10 billion to support investment in green infrastructure globally.
The African Development Bank Group will ensure these initiatives proceed through its decision-making processes, reflecting the strong commitment to fostering economic growth and resilience in Africa through these strategic partnerships.