ITALY’S National Promotional Institution Cassa Depositi e Prestiti (CDP) and the African Development Bank (AfDB) have announced a joint investment of up to €400 million over the next five years. This initiative, named the Growth and Resilience Platform for Africa (GRAf), aims to enhance the continent’s private sector growth.
The collaboration between these financial institutions focuses on supporting Africa’s economic development through strategic projects, information exchange, and joint investment opportunities. The platform is designed to accelerate new private sector initiatives and create a centralised access point for investment opportunities in Africa.
Each institution will contribute up to €200 million, which will be directed into Africa’s economy through private equity and venture capital funds. These funds will target three main areas: food security, local SME growth, and sustainable infrastructure. The platform also aims to mobilise an additional €350 million from other sources, bringing the total investment pool to €750 million.
This partnership will provide investors with new insights into the African private sector and facilitate shared investment opportunities. The initiative is expected to significantly contribute to job creation and enhance the delivery of essential products and services across the continent.
The Growth and Resilience Platform for Africa was presented by Italian Prime Minister Giorgia Meloni at the recent G7 summit in Borgo Egnazia. It is part of the Mattei Plan for Africa, an Italian strategic initiative launched in 2022, focusing on energy cooperation, security, stability, and cultural and scientific exchanges.
Dario Scannapieco, CEO and General Manager of Cassa Depositi e Prestiti, emphasised the importance of this partnership: ‘Through our collaboration with the African Development Bank Group, we are mobilising up to €750 million for projects that directly benefit Africa. This aligns with our government’s commitment through the Mattei Plan. The long-term development of our country is linked to the growth of the African continent, particularly its private sector. We are confident that this partnership will generate substantial opportunities in sectors such as agriculture, infrastructure, and manufacturing.’
The African Development Bank boasts the largest dedicated private equity and venture capital fund-of-funds in Africa, with over $1.36bn committed to 74 private equity and venture capital funds.
African Development Bank President Akinwumi Adesina praised the partnership: ‘Our collaboration with the Government of Italy on the Mattei Plan, led by Prime Minister Giorgia Meloni, will boost support for small and medium enterprises in Africa. This partnership aims to expand economic opportunities for women and youth, create jobs, and reduce migration drivers. We will leverage this strategic partnership to scale up investment in Africa and build confidence among global and African institutional investors.’
This significant investment marks a pivotal step in fostering sustainable economic development and mutual growth between Italy and Africa.
