- Cassa Depositi e Prestiti (CDP) and the African Development Bank will invest €400m million over five years in Africa’s private sector growth
- The investment will support projects in food security, SME development, and sustainable infrastructure growth in Africa within the framework of the Mattei Plan
- A newly established collaborative platform, GRAf, will mobilise €750 million
Africa—Italy’s National Promotional Institution Cassa Depositi e Prestiti (CDP) and the African Development Bank will invest €400m million over five years in Africa’s private sector growth.
Both financial institutions will support the continent’s economic growth through targeted strategic projects, promote the exchange of information among stakeholders, and facilitate joint investment opportunities.
The joint investment will boost the continent’s sector growth through the newly established Growth and Resilience Platform for Africa (GRAf).
Under the new collaboration, both financial institutions will support the continent’s economic growth through targeted strategic projects, promote the exchange of information among stakeholders, and facilitate joint investment opportunities.
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The new platform is expected to accelerate the implementation of new African private sector initiatives promoted by the private sector and create a single access to investment opportunities.
Each institution will contribute up to €200 million, which will be channelled into Africa’s economy through private equity and venture capital funds operating in three main areas: food security, local SME growth and sustainable infrastructure.
GRAf will mobilise an additional €350 million from other sources and bring a pool of investment capital to €70 million.
These collaborative investments allow future investors to gain 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 improvements in the delivery of essential products and services across the continent.
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The initiative, presented by Prime Minister Giorgia Meloni at the recent G7 summit in Borgo Egnazia, is part of the Mattei Plan for Africa, the Italian strategic initiative unveiled in 2022 to forge a new era of mutual partnership and sustainable development.
The plan will focus on energy cooperation, security and sustainability and cultural and scientific exchanges.
Dario Scannapieco, CEO and General Manager of Cassa Depositi e Prestiti said this renewed collaboration with AfDB will establish a significant new channel to mobilise 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,” said Scannapieco.
AfDB Group has the largest dedicated private equity and venture capital fund-of-funds in Africa, with over US$1.36 billion committed to 74 funds.
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The development bank’s president Akinwumi Adesina, reacting to the partnership, said:
“The partnership will boost the achievement of the Mattei Plan’s objectives in Africa through the scaling up of support to small and medium-scale enterprises, expanding economic opportunities for women and youth, creating jobs, and reducing the drivers of migration.
He added that they will leverage this strategic partnership to increase investment in funds in Africa and give greater confidence to global and African institutional investors to also scale up their investments.
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