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The African Development Bank has announced its commitment to matching the $150 million in concessional loans and grants from Italy, which are intended to finance projects across the continent.
This announcement was made in a statement on the AfDB's website, marking the implementation of Italy's Mattei Plan for Africa.
Earlier this year, the Italian government introduced a project aimed at enhancing development in Africa to stimulate economic growth and reduce irregular immigration to Europe, as migrant arrivals in Italy surged by 50% in 2023, according to data from Italy’s Interior Ministry.
Under a bilateral agreement with Italy, AfDB has a co-financing arrangement and trust fund to support joint projects.
The bank stated that Italy has pledged approximately $150 million in highly concessional loans and grants, and AfDB will match this amount.
The goal is to align with the priorities of the Mattei Plan for Africa and the Italian Development Cooperation strategy, fostering economic and strategic partnerships with African nations and institutions by creating common business opportunities and increasing investment flows.
The main focus areas for these joint efforts are energy, water, agriculture, health, education, training, and both physical and digital infrastructure.
Also, a Multi-donor Special Fund has been established to serve the Mattei Plan for Africa and the Rome Process on Migration and Development.
The African Development Bank (AfDB) announced that the fund will focus on making high-impact and climate-aligned investments in key strategic sectors to support sovereign entities in Africa.
The fund, with initial pledges of about $130 million from Italy and additional commitments from the United Arab Emirates, aims to attract other international partners and combine forces to leverage funding.
The African Development Bank Group has committed to matching the Fund’s contributions on each project with its own resources.
Prime Minister of Italy, Ms Giorgia Meloni, and the President of AfDB, Dr Akinwumi Adesina, met at the G7 Summit and discussed their partnership to deliver impactful development impacts across African countries.
Adesina praised Prime Minister Meloni for launching the Mattei plan and selecting AfDB as its strategic partner for Africa.
The partnership aims to expand access to energy, tackle climate change, support food security, boost health services, and create economic opportunities in Africa.
Prime Minister Meloni emphasized that Italy’s ‘Piano Mattei’ will foster economic and strategic partnerships with African nations and institutions, with the African Development Bank Group as its main strategic financial partner for implementation.
