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AFDB AND ITALY'S CDP LAUNCH €750M INVESTMENT PLATFORM FOR AFRICA'S GROWTH AND
RESILIENCE


THE PLATFORM WILL FOCUS ON FUNDING STRATEGIC PROJECTS THAT DRIVE AFRICAN
ECONOMIC GROWTH, CREATING A UNIFIED FRAMEWORK TO ATTRACT PRIVATE SECTOR
INITIATIVES.

--------------------------------------------------------------------------------

Devdiscourse News Desk | Abidjan | Updated: 11-12-2024 14:37 IST | Created:
11-12-2024 14:37 IST
The African Development Bank Group already manages Africa’s largest private
equity and venture capital fund-of-funds, with over $1.36 billion committed to
74 private equity and venture capital funds. Image Credit:
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The African Development Bank Group and Italy’s National Promotional Institution
Cassa Depositi e Prestiti (CDP) have formalized a significant partnership to
accelerate Africa’s economic development through a new investment platform. The
partnership was solidified on December 5, 2024, with the signing of the Growth
and Resilience Platform for Africa (GRAf) agreement in Rabat, Morocco, following
an initial letter of intent signed in July 2024.

Through GRAf, CDP and the African Development Bank aim to channel up to €400
million over the next five years into key sectors, including food security,
small and medium enterprise (SME) growth, and sustainable infrastructure
development. The platform also aims to raise an additional €350 million from
other sources, bringing the total investment pool to €750 million.

The platform will focus on funding strategic projects that drive African
economic growth, creating a unified framework to attract private sector
initiatives. It is designed to promote information exchange among stakeholders
and facilitate co-investment opportunities. The investments are expected to
create jobs and improve access to essential services across the continent,
addressing key challenges in energy access, agricultural productivity, and
employment generation.

Solomon Quaynor, African Development Bank Group Vice President for Private
Sector, Infrastructure, and Industrialisation, commented, “Through GRAf, we are
not only mobilising resources but also creating a unified framework to tackle
critical challenges. This partnership reflects our shared vision for sustainable
growth and resilience in Africa, fostering inclusive economic opportunities.”

This initiative also aligns with Italy’s Mattei Plan for Africa, a strategy
outlined by Prime Minister Giorgia Meloni at the G7 summit. Launched in 2022,
the Mattei Plan focuses on deepening energy cooperation, enhancing security and
stability, and fostering cultural and scientific exchanges between Africa and
Italy. GRAf’s role within this framework underscores Italy’s commitment to
Africa’s long-term prosperity.

Paolo Lombardo, CDP’s Director for International Development Cooperation,
emphasized, “This agreement marks a crucial step in furthering our strong
partnership with the African Development Bank. Together, we aim to mobilize up
to €750 million to support areas that are vital to Africa's growth, including
food security, SME development, and infrastructure.”

The African Development Bank Group already manages Africa’s largest private
equity and venture capital fund-of-funds, with over $1.36 billion committed to
74 private equity and venture capital funds.

 * READ MORE ON:
 * African Development Bank
 * Italy
 * Cassa Depositi e Prestiti
 * Growth and Resilience Platform for Africa

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