Meloni and African Development Bank collaborate on two funds for Mattei Plan

The Prime Minister, Giorgia Meloni, and the President of the African Development Bank, Akinwumi A. Adesina, engaged in a bilateral conversation on the sidelines of the G7 work regarding joint projects under the Mattei Plan. They discussed key initiatives that were launched, as disclosed in a joint note released at the end of the meeting.

One of the initiatives is the establishment of a special multi-donor fund to serve the Mattei Plan for Africa and the Rome process for migration and development. This fund aims to make high-impact and climate-compatible investments in strategic sectors in Africa. So far, Italy has committed approximately $130 million in highly concessional loans and grants, with further contributions from the United Arab Emirates. The African Development Bank Group has committed to matching the fund’s contributions on each project.

Another initiative is a bilateral agreement between Italy and the African Development Bank Group, which includes a co-financing agreement and a trust fund to jointly finance projects. Italy has pledged around $150 million in loans and grants, and the African Development Bank Group will contribute a similar sum. This agreement aims to promote economic and strategic partnerships with African nations and institutions in priority sectors such as energy, water, agriculture, healthcare, education, and infrastructure.

A common platform called the Africa Growth and Resilience Platform (GRAF) has been established to promote private sector investment in Africa. This platform aims to mobilize financial activities to support job creation through entrepreneurial activities. Italian Financial Institution for Development Cooperation, Cassa Depositi e Prestiti, has shown interest in catalyzing up to $820 million over five years, with contributions from African and international partners. Italy has also committed funds to support green infrastructure investment in Africa.

These initiatives highlight the commitment of Italy and the African Development Bank to promote sustainable development and economic growth in Africa through joint projects and partnerships.