The $150 million in concessional loans and grants from Italy, which are meant to finance projects throughout the continent, will be matched, according to the African Development Bank.
As Italy’s Mattei Plan for Africa begins to be operationalised, the AfDB disclosed this in a statement posted on its website.
The Italian government introduced a scheme earlier this year that aims to spur economic growth in Africa and reduce irregular immigration to Europe.
The plan was announced at the same time as data from Italy’s Interior Ministry showed a 50% increase in migrant arrivals to the country in 2023.
AfDB, which has had a bilateral agreement with Italy, including a cofinancing arrangement and trust fund to finance joint projects, stated, “Italy has committed approximately $150m in highly concessional loans and grants and the African Development Bank Group will at least match this amount. The objective is to pursue Italian and African Development Bank Group priorities as set out by the Mattei Plan for Africa and by the Italian Development Cooperation strategy, to foster economic and strategic partnerships with African nations and institutions by building common business opportunities and scaling up investment flows.
“The priority areas are energy, water, agriculture, health, education and training and infrastructure, both physical and digital.”
In support of the Rome Process on Migration and Development and the Mattei Plan for Africa, a Multi-donor Special Fund has also been established.
According to the AfDB, the fund will support African sovereign entities by focusing on high-impact, climate-aligned investments in critical strategic industries.
“Thanks to its multi-donor nature, it will be able to attract other international partners to combine forces and leverage funding. An initial pledge of around $130m in highly concessional loans and grants has been announced by Italy, together with an additional commitment by the United Arab Emirates. The African Development Bank Group has committed to at least match the Fund’s contributions on each project with its resources,” AfDB declared.
On the fringes of the G7 Heads of State and Government Summit in Puglia on Saturday, Ms. Giorgia Meloni, the Italian prime minister, met with Dr. Akinwumi Adesina, the president of the African Development Bank Group.
On the project, Adesina noted, “I applaud Prime Minister Meloni for her launch of the Mattei plan and for selecting the African Development Bank Group as its strategic partner to deliver it for Africa. Our partnership will deliver impactful development impacts 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.
“Italy’s ‘Piano Mattei’ will foster economic and strategic partnerships with African nations and institutions, and the African Development Bank Group is our main strategic financial partner for its implementation. Our collaboration will sustain the development of initiatives with Africa’s public and private sectors, with additional opportunities for Italian businesses”, Prime Minister Meloni said.
