AfDB And Italy to Mobilise $300m for Africa’s Development
The African Development Bank (AfDB) has pledged to match the $150 million in concessional loans and grants from Italy, marking a significant step in the operationalisation of Italy’s Mattei Plan for Africa.
In a statement released on its website, the AfDB outlined the collaboration, which is part of Italy’s broader strategy to stimulate economic growth and curb irregular migration from Africa to Europe. This plan was unveiled earlier in the year in response to a 50 per cent surge in migrant arrivals in Italy in 2023, as reported by Italy’s Interior Ministry.
The AfDB, which has a longstanding bilateral agreement with Italy, including cofinancing arrangements and a trust fund for joint projects, announced: “Italy has committed approximately $150 million in highly concessional loans and grants. The African Development Bank Group will at least match this amount. The objective is to pursue Italian and AfDB priorities as set out by the Mattei Plan for Africa and the Italian Development Cooperation strategy, fostering economic and strategic partnerships with African nations and institutions by building common business opportunities and scaling up investment flows. Priority areas include energy, water, agriculture, health, education and training, and both physical and digital infrastructure.”
Additionally, a Multi-donor Special Fund has been established to serve the Mattei Plan for Africa and the Rome Process on Migration and Development. The fund will focus on high-impact, climate-aligned investments in key strategic sectors supporting sovereign entities in Africa.
“Thanks to its multi-donor nature, the fund will attract other international partners to combine forces and leverage funding. An initial pledge of around $130 million in highly concessional loans and grants has been announced by Italy, with an additional commitment by the United Arab Emirates. The AfDB has committed to at least match the Fund’s contributions on each project with its resources,” the AfDB stated.
Italian Prime Minister Giorgia Meloni and AfDB President Dr Akinwumi Adesina discussed the initiative on the sidelines of the G7 Heads of State and Government Summit in Puglia.
Dr Adesina praised the initiative, saying: “I applaud Prime Minister Meloni for her launch of the Mattei plan and for selecting the AfDB as its strategic partner. 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.”
Prime Minister Meloni added, “Italy’s ‘Piano Mattei’ will foster economic and strategic partnerships with African nations and institutions, with the AfDB as our main strategic financial partner. Our collaboration will support the development of initiatives with Africa’s public and private sectors, offering additional opportunities for Italian businesses.”
