The African Development Bank (AfDB) and Italy’s Servizi Assicurativi del Commercio Estero (SACE), an export credit agency, have signed a US$6 billion agreement to boost investment in Africa. The deal, signed during the 2024 African Investment Forum Market Days in Rabat, Morocco, is part of the “Mattei Plan” aimed at providing credit protection and facilitating financing for high-impact projects in Africa.
The agreement was signed by AfDB’s Vice President for Finance and CFO, Ms. Hassatou N’Sele, and SACE’s Chief International Business Officer, Mr. Michal Ron. This partnership seeks to foster business collaborations between African and Italian companies, with a focus on sectors such as education, training, agriculture, healthcare, energy, water, and infrastructure, including digital economy infrastructure.
While all AfDB member countries are eligible for support under this initiative, the initial beneficiaries include Algeria, Egypt, Ethiopia, Kenya, Ivory Coast, Morocco, Mozambique, Tunisia, and the Republic of Congo.
At the signing ceremony, Mr. Ron highlighted Africa’s immense market potential for Italian businesses, emphasizing that the Mattei Plan would strengthen Italy’s position in key development sectors across the continent. He also mentioned the “Push Strategy,” a financial tool that connects African buyers with Italian small and medium-sized enterprises (SMEs) through guarantees.
Ms. N’Sele expressed AfDB’s commitment to expanding partnerships to de-risk and finance critical projects in Africa, addressing the perceived risk of investing on the continent. She reiterated that Africa offers vast opportunities, with actual investment risks being lower than often perceived. Through initiatives like the Mattei Plan, AfDB and SACE aim to unlock Africa’s economic potential and drive development.
