As announced by the President of the Council of Ministers, Giorgia Meloni, during the G7 Leaders’ Summit in Puglia, the foundations have been laid today for the launch of a financial instrument called the ‘Growth and Resilience Africa Fund’ (‘GRAf’), dedicated to investments in private sector projects as part of the implementation of the Mattei Plan for Africa, alongside the funds recently established in collaboration with the African Development Bank for the financing to sovereign entities.
The new financial instrument has in fact been strengthened with the signing by the CEO of Cassa Depositi e Prestiti, Dario Scannapieco, and the President of the African Development Bank Group, Akinwumi Adesina, which will allow these two institutions to invest up to EUR 400 million over a five-year period.
The platform aims to speed up the implementation of new private sector initiatives on the African continent, creating a single point of access for investment opportunities.
The resources invested, with up to EUR 200 million coming from each institution, will be channelled into Africa’s economic fabric through funds operating locally, in sectors ranging from food security to support for the growth of local small and medium-sized enterprises and sustainable infrastructure.
With regard to the instruments of financing for private entities, GRAf is another mean in addition to the so-called ‘Plafond Africa’ [‘Africa investment ceiling’] recently created with the Decree Law no. 89 of 29 June 2024, which allows Cassa Depositi e Prestiti to use up to EUR 500 million of its own resources to provide financing to companies operating in Africa, in order to support initiatives and projects that are part of the Mattei Plan.
These additional two instruments complete the financial framework designed to support the implementation of the Mattei Plan for Africa, strengthening the strategic cooperation with the African Development Bank.