Italy and the African Development Bank (AfDB) have signed a significant co-financing agreement worth €400 million (approximately $420 million) to support development initiatives across Africa. This collaboration is part of Italy’s broader €6 billion Mattei Plan, aimed at addressing climate change, sustainable agriculture, education, and providing technical assistance to African nations.
The agreement was officially finalized during the AfDB’s Africa Investment Forum in Rabat, Morocco, with Italian officials emphasizing the importance of this partnership in driving capital mobilization across the continent. Paolo Lombardo, the head of CDP’s international cooperation and development finance division, highlighted the goal of leveraging African funds to expedite economic growth and development in the region.
The Mattei Plan, which aims to create synergies between Italian expertise and Africa’s development needs, focuses on crucial sectors such as education, agriculture, healthcare, energy, water, and infrastructure. This partnership is expected to stimulate economic growth by enhancing collaboration between Italian and African businesses, fostering mutual prosperity.
Italy’s commitment to strengthening its economic ties with Africa through this co-financing agreement reflects a broader strategic initiative to address pressing challenges in Africa, including climate change, by mobilizing resources and expertise. Through this agreement, both Italy and the AfDB aim to make a substantial impact on Africa’s development landscape, creating opportunities for sustainable development and improving living standards across the continent.
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