The strategic alliance aims to strengthen African infrastructure, exploit natural resources and propel industrial development through shared expertise and enhanced financial cooperation
Africa Finance Corporation (AFC), the leading provider of infrastructure solutions in Africa, in partnership with Italian national development finance institution Cassa Depositi e Prestiti SpA (CDP), announced on May 8 a Memorandum of Understanding ( historic MoU) which aims to strengthen the Italian-African trade partnership, thereby contributing to sustainable growth and prosperity globally.
Partnerships and co-financing opportunities
Rome May 8. MoU signing ceremony between AFC and CDP
The AFC and CDP signed their commitment yesterday at the Italy-Africa Business Dialogue Forum in Rome. The strategic alliance aims to strengthen African infrastructure, exploit natural resources and propel industrial development through shared expertise and enhanced financial cooperation, while promoting the internationalization of Italian companies and expanding their global footprint.
The two institutions will work together to identify and engage in future partnerships and co-financing opportunities in development and infrastructure projects with governments, businesses and financial entities. The institutions will create a common platform to promote dialogue between Italian and African businesses in AFC member countries.
“This strategic MoU with the CDP marks a crucial step in expanding our impact across Africa using our many connections to international capital and expertise. By combining our resources and networks, we are poised to expand our track record of transformative projects aimed at catalyzing sustainable development and economic progress in the region,” says Samaila Zubairu, CEO of AFC. And Paolo Lombardo, Director of International Development Cooperation at the CDP added: “this agreement is essential for both institutions and crucial for promoting synergies in the broader area of global development. The partnership with AFC, with its unique experience in transformational infrastructure, strengthens support for businesses and investors striving for Africa-centric growth and economic integration. »
Building on a strong partnership that started with a major €100 million loan agreement in 2022 to power renewable energy and climate resilient projects and continued with a €50 million loan Announced at COP28 for other sustainable development projects, this MoU reinforces these financial commitments and expands the scope of cooperation through new initiatives that promise to improve Africa’s economic and environmental landscape.
Africa Finance Corporation
The AFC was established in 2007 to be the catalyst for private sector-led infrastructure investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and venture capital to meet Africa’s infrastructure development needs and boost sustainable economic growth.
Seventeen years later, AFC has developed a strong track record as the partner of choice in Africa to invest and deliver high-quality, instrumental infrastructure assets that provide essential services in core infrastructure sectors which are energy, natural resources, heavy industry, transport and telecommunications. The AFC has 43 member countries and has invested US$13 billion across Africa since its inception.
Cassa Depositi e Prestiti SpA
CDP is the Italian national promotion institution. It is also the financial institution for international cooperation charged by the Italian State with promoting the sustainable development of Italy, developing countries and emerging markets. The CDP supports economic growth, social inclusion and ecological transition by investing in innovation, business competitiveness, infrastructure and local development, having enabled in 2023 the activation of investments with a total value of 20.1 billion euros (1.4% of Italian GDP), of which 83% is dedicated to sustainable projects, also thanks to the attraction of resources from third-party investors and co-financiers.
By Mohamed Ould SalemEditorial Committee – Casablanca
