Italy, AfDB to Invest Up to €400 Million in New Growth and Resilience Platform for Africa

The two institutions plan to jointly invest up to €400 million over the next five years to drive economic development across the continent.

Italy’s National Promotional Institution, Cassa Depositi e Prestiti (CDP), and the African Development Bank Group have announced a major investment initiative to support Africa’s private sector growth through the newly established Growth and Resilience Platform for Africa (GRAf). The two institutions plan to jointly invest up to €400 million over the next five years to drive economic development across the continent.

Under this collaboration, CDP and the African Development Bank will each contribute up to €200 million to the platform. The funds will be directed towards private equity and venture capital investments in three key areas: food security, local SME growth, and sustainable infrastructure. The initiative aims to mobilize an additional €350 million from other sources, bringing the total investment capital to €750 million.

The Growth and Resilience Platform for Africa is designed to accelerate new private sector initiatives, create a centralized access point for investment opportunities, and promote the exchange of information among stakeholders. The platform is expected to significantly contribute to job creation and enhance the delivery of essential products and services across Africa.

Prime Minister Giorgia Meloni introduced the initiative at the recent G7 summit in Borgo Egnazia. The platform is a component of the Mattei Plan for Africa, Italy's 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, commented, "Our renewed collaboration with the African Development Bank Group establishes a significant new channel to mobilize up to €750 million for impactful projects in Africa. This effort aligns with the Mattei Plan and our commitment to fostering the growth of the African private sector, particularly in agriculture, infrastructure, and manufacturing."

The African Development Bank Group manages the largest dedicated private equity and venture capital fund-of-funds in Africa, with over $1.36 billion committed to 74 funds. President Akinwumi Adesina praised the partnership, stating, "This collaboration will enhance the Mattei Plan’s objectives by scaling up support to small and medium enterprises, expanding economic opportunities for women and youth, and creating jobs. We aim to leverage this strategic partnership to attract more global and African institutional investments."

The Growth and Resilience Platform for Africa represents a major step towards bolstering economic development and investment across the continent, aligning with Italy’s broader strategic goals for sustainable and mutually beneficial partnerships with Africa.