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.

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.