The African Development Bank Group (AFDB) and Italy’s National Promotional Institution Gruppo Cassa Depositi e Prestiti (CDP), have established a joint platform to boost Africa’s private sector.
The Growth and Resilience Platform for Africa (GRAf) is a €400 million initiative, over five years.
The AFDB said in a statement, GRAf will mobilise an additional €350 million from other sources and bring the pool of investment capital to €750 million.
Priority sectors of investment are food security, local SME growth and sustainable infrastructure.
The platform is expected to significantly contribute to job creation and improvements in the delivery of essential products and services across the continent.
The initiative was first presented by Prime Minister Giorgia Meloni at the recent G7 summit in Borgo Egnazia and is part of the Mattei Plan for Africa.
The Plan, is Italy’s strategic initiative to forge a new era of mutual partnership and sustainable development, with a focus on energy cooperation, security and stability, cultural and scientific exchanges.
Dario Scannapieco, CEO and General Manager of Cassa Depositi e Prestiti said “through our renewed collaboration with the African Development Bank Group, we are establishing a significant new channel to mobilize up to €750 million for projects and initiatives that directly benefit Africa. This effort aligns with our government’s commitment through 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 are confident that this new partnership will generate substantial opportunities for our businesses in strategic sectors such as agriculture, infrastructure, and manufacturing, where our country excels.”
Akinwumi Adesina, African Development Bank Group president, said “I am delighted with our partnership with the Government of Italy on the Mattei Plan by Prime Minister Giorgia Meloni. The partnership between the African Development Bank Group and Cassa Depositi e Prestiti will boost the achievement of the Mattei plan’s objectives in Africa through the scaling up of support to small and medium scale enterprises in Africa, to expand economic opportunities for women and youth, create jobs and reduce the drivers of migration. We will leverage this strategic partnership to scale up investment in Funds in Africa and give greater confidence to global and African institutional investors to also scale-up their investments.”
The African Development Bank Group has the largest dedicated private equity and venture capital fund-of-Funds in Africa, with over US$1.36 billion committed to 74 private equity and venture capital funds.