BY – Reda Helal:
The African Development Bank Group has signed a co-financing agreement with the Government of Italy to support priority development projects across key sectors in Africa, including energy, agriculture, water, infrastructure, and human capital development.
The agreement was signed in Washington D.C. by the President of the Bank, Dr. Sidi Ould Tah, and Italy’s Minister of Economy and Finance, Giancarlo Giorgetti, marking a significant step in the implementation of Italy’s Mattei Plan for Africa and the Bank’s Ten-Year Strategy (2024–2033).
Under the agreement, up to EUR 140 million will be made available, including EUR 100 million in concessional financing and EUR 40 million in grant resources. These funds will be administered by the Bank in line with its policies and fiduciary standards to support development initiatives across African countries.
The partnership aims to strengthen the Bank’s capacity to scale up investments, support job creation, enhance food security, improve climate resilience, and expand access to energy.
Dr. Tah noted that the agreement reflects the strong and evolving partnership between the Bank and Italy, while Minister Giorgetti emphasized Italy’s commitment to fostering long-term, equitable partnerships that deliver sustainable development outcomes in Africa.
The agreement also complements ongoing initiatives under the Mattei Plan, reinforcing a broader framework of cooperation that leverages both public and private sector financing to drive growth and resilience across the continent.