The African Development Bank Group (AfDB) and Italy’s national promotional institution, Cassa Depositi e Prestiti (CDP), are set to invest up to €400 million over five years to boost Africa’s private sector through the newly established Growth and Resilience Platform for Africa (GRAF).
Strategic Collaboration
This collaboration between the two financial institutions aims to foster economic growth on the continent through targeted strategic projects. They will promote information exchange among stakeholders and facilitate joint investment opportunities.
The new platform is expected to accelerate the implementation of new private sector initiatives in Africa, creating a single access point for investment opportunities.
Financial Commitment and Focus Areas
Both institutions will each 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.
Additionally, the Growth and Resilience Platform for Africa will mobilize an extra €350 million from other sources, bringing the total envelope to €750 million.
Benefits for Future Investors
These collaborative investments aim to provide future investors with new insights into the African private sector and share investment opportunities in funds operating on the continent.
The platform is also expected to significantly contribute to job creation and the improvement of essential goods and services across Africa.
The Mattei Plan for Africa
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, a strategic Italian initiative unveiled in 2022.
The plan focuses on energy cooperation, security and stability, as well as cultural and scientific exchanges between Italy and African countries.
Dario Scannapieco, President and CEO of CDP, stated, “Through our renewed collaboration with the African Development Bank Group, we are establishing a significant new channel that will help mobilize nearly €750 million for projects and initiatives that will directly benefit Africa.
This effort aligns 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 believe this new partnership will create real opportunities for our businesses in strategic sectors such as agriculture, infrastructure, and manufacturing, where our country excels.”
AfDB’s Investment Portfolio
The African Development Bank Group boasts the largest set of private equity and venture capital funds in Africa, with over $1.36 billion committed across 74 funds.
Leadership Endorsement
AfDB President Akinwumi Adesina praised the partnership, saying, “I welcome our partnership with the Italian government and the Mattei Plan championed by Prime Minister Giorgia Meloni.
The partnership between the African Development Bank Group and Cassa Depositi e Prestiti will facilitate the realization of the Mattei Plan’s objectives in Africa by strengthening support for African small and medium enterprises, with the aim of expanding economic inclusion for women and youth, creating jobs, and addressing the root causes of migration.
We will leverage this strategic partnership to increase investments in African funds and give more confidence to global and continental institutional investors to increase their investments as well.”
About Cassa Depositi e Prestiti
Cassa Depositi e Prestiti (CDP) is Italy’s national promotional institution and the financial body for international development cooperation. It is tasked with promoting the sustainable development of Italy and its partner countries.
CDP supports economic growth, social inclusion, and ecological transition by investing in innovation, business competitiveness, infrastructure, and local development. According to its strategic plan for 2022-2024, CDP is expected to mobilize €128 billion in investments by the end of this year.