SACE and AfDB Join Forces Under $6 Billion "Mattei Plan" to Boost Investment and Development in Africa

SACE, Italy's export credit agency, and the African Development Bank Group (AfDB) have signed a landmark collaboration agreement to advance the $6 billion “Mattei Plan.” The plan, announced by Italian Prime Minister Giorgia Meloni in early 2024, aims to strengthen economic links between Europe and Africa, position Africa as an energy hub, and reduce migration pressures through sustainable development.

The signing occurred during the African Investment Forum 2024 Market Days in Rabat, Morocco, with Michal Ron, Chief International Business Officer of SACE, and Hassatou N’Sele, AfDB Vice President for Finance, officiating the agreement. This partnership is expected to catalyze investment in Africa, leveraging financial instruments to promote sustainable projects in sectors critical to Africa's development.

Expanding Opportunities Across Africa

The agreement aligns SACE's offerings, including the Push Strategy—a financial tool that connects African buyers with Italian businesses through export credit guarantees—and AfDB's financial resources. Together, they will co-finance high-impact projects in infrastructure, energy, healthcare, agribusiness, and education, among others. Priority will initially be given to countries outlined in the Mattei Plan, such as Algeria, Ethiopia, Kenya, and Tunisia, with eligibility eventually expanding to all AfDB member countries.

“Africa represents a market of great potential for Italian companies,” said Michal Ron. “Our collaboration under the Mattei Plan will enhance Italy's positioning in Africa by fostering partnerships and supporting key development sectors.”

African buyers will be invited to participate in SACE-organized business-matching events, facilitating collaborations with Italian small and medium-sized enterprises (SMEs) and fostering trade relationships.

Unlocking Africa’s Vast Potential

N’Sele emphasized that while Africa is often perceived as high-risk, the reality is different. "Africa offers a wealth of opportunities, with actual risks significantly lower than perceived, especially in education, energy, agribusiness, and infrastructure. This agreement demonstrates how partnerships can de-risk and unlock these opportunities," she said.

Broader Goals of the Mattei Plan

Named after Enrico Mattei, a visionary Italian industrialist, the Mattei Plan reflects Italy's strategic commitment to foster sustainable development in Africa while addressing mutual economic challenges. This initiative complements broader goals such as the African Development Bank’s “High 5s” agenda and the African Union’s Agenda 2063 for inclusive growth and sustainable development.

Additional Initiatives Under the Mattei Plan

SACE and AfDB have also pledged to co-organize knowledge-sharing workshops and training programs to support capacity-building for African stakeholders. These programs aim to enhance technical and managerial skills in sectors like renewable energy, digital infrastructure, and sustainable water management.

A Key Platform for Collaboration

The African Investment Forum, where the agreement was signed, serves as a pivotal platform for advancing bankable projects and accelerating deal closures. It aligns with international goals like the UN’s Sustainable Development Goals (SDGs), underscoring the global significance of initiatives like the Mattei Plan.

By leveraging this partnership, SACE and the African Development Bank aim to transform Africa into a hub of sustainable economic growth while reinforcing Italy's role as a key player in international development efforts. The agreement is expected to benefit millions across Africa, while providing significant opportunities for Italian businesses to expand into high-growth markets.