Africa Finance Corp and Italy’s Cassa Depositi e Prestiti sign MoU to boost African infrastructure

This agreement was signed at the Italy-Africa Business Dialogue Forum in Rome, marking a major step towards enhancing Italian-African business collaboration and contributing to sustainable growth and prosperity globally.

Africa Finance Corporation (AFC), a premier infrastructure solutions provider in Africa, in partnership with Italy's national development finance institution, Cassa Depositi e Prestiti S.p.A (CDP), announced a significant Memorandum of Understanding (MoU) yesterday. This agreement was signed at the Italy-Africa Business Dialogue Forum in Rome, marking a major step towards enhancing Italian-African business collaboration and contributing to sustainable growth and prosperity globally.

The MoU aims to strengthen African infrastructure, maximize natural resource utilization, and drive industrial development through collaborative expertise and financial cooperation. It also seeks to support the internationalization of Italian businesses and increase their presence on the global stage.

Samaila Zubairu, President & CEO of AFC, expressed enthusiasm about the agreement, stating, "This strategic MoU with CDP is a pivotal step in expanding our impact throughout Africa by leveraging our extensive connections to international capital and expertise. By combining our resources and networks, we aim to extend our record of transformative projects, catalyzing sustainable development and economic advancement across the region."

Paolo Lombardo, International Development Cooperation Director at CDP, highlighted the importance of the agreement for both institutions. He noted, "This agreement is crucial for fostering synergies in the global development arena. Partnering with AFC, known for its transformational infrastructure projects, will enhance support for companies and investors focusing on Africa-driven growth and economic integration."

This partnership builds on a strong foundation, including a significant EUR 100 million loan agreement in 2022 aimed at fueling renewable energy and climate-resilient projects. The collaboration continued with a EUR 50 million loan announced at COP28 for further sustainable development initiatives. The new MoU will reinforce these financial commitments and broaden the scope of cooperation with new initiatives designed to improve Africa’s economic and environmental landscape.