- The investments are intended to support projects in the areas of food security, SME development and sustainable infrastructure growth in Africa, within the framework of the Mattei Plan.
- The newly created GRAF Collaborative Platform should make it possible to mobilise up to 750 million euros.
ABIDJAN, Côte d’Ivoire, July 30, 2024 -/African Media Agency(AMA)/-Cassa Depositi e Prestiti (CDP), Italy’s national promotional institution, and the African Development Bank Group plan to jointly invest up to €400 million over five years to accelerate the continent’s private sector growth through the newly established Growth and Resilience Africa Platform (GRAF).
Under this new collaboration, the two financial institutions will support the continent’s economic growth through targeted strategic projects. They will promote the exchange of information between stakeholders and facilitate joint investment opportunities.
The new platform is expected to accelerate the implementation of new private sector initiatives in Africa and create a single access point for investment opportunities.
Each institution will contribute €200 million to be injected into the African economy through private equity and venture capital funds operating in three main areas: food security, local SME growth and sustainable infrastructure. The Africa Growth and Resilience Platform will leverage an additional €350 million from other sources to bring the envelope to €750 million.
These collaborative investments are intended to enable future investors to gain new knowledge about the African private sector and share investment opportunities in funds operating on the continent. The platform is also expected to contribute significantly to job creation and improving the delivery of essential products and services across the continent.
The initiative, presented by Italian Prime Minister Giorgia Meloni at the recent G7 summit in Borgo Egnazia, is part of the Mattei Plan for Africa, an Italian strategic initiative unveiled in 2022, aimed at forging a new era of partnership and sustainable development. The plan focuses on energy cooperation, security and stability, as well as cultural and scientific exchanges between Italy and African countries.
“Through our renewed collaboration with the African Development Bank Group, we are establishing an important new channel that will help mobilize nearly €750 million for projects and initiatives that will directly benefit Africa,” said Dario Scannapieco, President and CEO of Cassa Depositi e Prestiti. “This effort is in line with our government’s commitment under the Mattei Plan. The long-term development of our country is intrinsically linked to the growth of the African continent, particularly its private sector. We are confident that this new partnership will create real opportunities for our companies in strategic sectors such as agriculture, infrastructure and manufacturing, where our country excels.”
The African Development Bank Group has the largest pool of private equity and venture capital funds in Africa, with over US$1.36 billion committed across 74 funds.
Welcoming the partnership, Mr. Akinwumi Adesina, President of the African Development Bank Group, said: “I am delighted with our partnership with the Government of Italy and the Mattei Plan led by Prime Minister Giorgia Meloni. The partnership between the African Development Bank Group and Cassa Depositi e Prestiti will facilitate the achievement of the Mattei Plan objectives in Africa by strengthening support for African small and medium-sized enterprises, with the aim of expanding the economic inclusion of women and youth, creating jobs and addressing the causes of migration. We will build on this strategic partnership to increase investments in African funds and provide greater confidence to global and continental institutional investors to increase their investments in turn.”
About the Cassa Depositi e Prestiti
Cassa Depositi e Prestiti (CDP) is the national promotional institution and financial body for Italy’s international development cooperation. It is responsible for fostering the sustainable development of Italy and its partner countries. CDP works to support economic growth, social inclusion and the ecological transition by investing in innovation, business competitiveness, infrastructure and local development. According to its 2022-2024 strategic plan, it is expected to mobilise €128 billion in investments by the end of this year.
About the African Development Bank
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank, the African Development Fund and the Nigeria Trust Fund. On the ground in 44 African countries and with an external office in Japan, the AfDB contributes to the economic development and social progress of its 54 member states in the region.
For more information: www.afdb.org
Distributed by African Media Agency (AMA) on behalf of the African Development Bank.
Source : African Media Agency (AMA)
2024-07-30 10:09:19
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