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Italy and African Development Bank sign $420 million co-financing deal
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RABAT (Reuters) – Italian state lender CDP and the African Development Bank (AfDB) signed on Thursday a co-financing deal worth 400 million euros ($420 million) to promote climate finance,
RABAT (Reuters) – Italian state lender CDP and the African Development Bank (AfDB) signed on Thursday a co-financing deal worth 400 million euros ($420 million) to promote climate finance, sustainable farming, education and technical assistance, AfDB’s vice president for finance Hassatou Diop N’Sele said.
The deal, signed during the AfDB’s Africa Investment Forum in Rabat, is part of Italy’s 6 billion euro Mattei plan to boost African development, she said.
We want to mobilize capital across Africa using African funds basically accelerating equity,” Paolo Lombardo head of CDP’s international cooperation and development finance director said at the signing ceremony.
($1 = 0.9494 euros)
(Reporting by Ahmed Eljechtimi; Editing by Mark Potter)
Climate finance refers to financial investments aimed at reducing greenhouse gas emissions and enhancing climate resilience. It supports projects that mitigate climate change impacts and promote sustainable development.
Technical assistance involves providing expert advice and support to help organizations or countries improve their capabilities, often in areas like project management, technology implementation, and capacity building.
Co-financing is a financial arrangement where two or more parties contribute funds to support a project, sharing the financial risk and benefits associated with the investment.
The Mattei plan is an initiative by Italy aimed at boosting development in Africa through significant financial investments, focusing on various sectors including infrastructure, education, and climate resilience.
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