BOAD-CDP agreement: Promotion of Italy-Africa co-financing

BOAD-CDP agreement: Promotion of Italy-Africa co-financing
BOAD-CDP agreement: Promotion of Italy-Africa co-financing

(BOAD) – The West African Development Bank (BOAD) today signed a memorandum of understanding with the Italian Development Bank, Cassa Depositi and Prestiti (CDP), relating to the promotion of business opportunities and co-financing strategies, for the benefit of Italian and African companies.

This agreement comes on the sidelines of the conference Italy-Africa Inter-Business Dialogueorganized by the Italian Ministry of Foreign Affairs and International Cooperation, bringing together several Development Banks and regional financial institutions.

In line with the Mattei Plan, the new cooperation plan of the Italian government, launched in January 2024, at the Italy-Africa Summit, the Italy-Africa Inter-Business Dialogue constitutes one of the very first initiatives. This platform for dialogue and exchange intends to consolidate cooperative relations between Italy and African countries, in the priority areas of the private sector, infrastructure, food and energy security.

As a reminder, the Mattei Cooperation Plan concerns an initial commitment of more than 5.5 billion Euros, or more than 3,600 billion FCFA.

The signing of this Agreement confirms the solid partnership between BOAD and CDP. Certainly, the Italy-Africa Inter-Business Dialogue establishes the foundations of a new cooperation, more innovative and more efficient, between Africa, and particularly, our area of ​​intervention, UEMOA” declared Mr. Serge EKUE, President of BOAD.

About the West African Development Bank (BOAD):

The West African Development Bank (BOAD) is the common development financing institution of the States of the West African Monetary Union (UMOA). A public establishment of an international nature, the BOAD aims, under the terms of Article 2 of its statutes, “to promote the balanced development of the Member States and to achieve the economic integration of West Africa” by financing priority development projects. It is accredited by the three climate finance financing mechanisms (GEF, AF, GCF). Since 2009, BOAD has served as an observer at the UNFCCC and actively participates in discussions relating to the construction of an international climate finance architecture. Since January 2013, it has hosted the first Regional Collaboration Center (CRC) on the Clean Development Mechanism (CDM), the aim of which is to provide direct support to governments, NGOs and the private sector, for the identification and the development of CDM projects. Since October 15, 2023, the Bank co-chairs with Bancoldex, the Colombian Business and Export Development Bank, the International Development Finance Club (IDFC), which brings together 26 national, regional and bilateral development banks from around the world entire.

About the CDP

The Cassa Depositi e Prestiti (CDP) is the Development Bank of Italy which was created in 1850 in Turin. It is an Italian public body controlled mainly by the Italian Ministry of Economy and Finance and by various foundations of banking origin.

The CDP encourages sustainable development in Italy, using savings responsibly to support growth and boost employment, supporting innovation, business competitiveness, infrastructure and local development.

The CDP is also the Italian financial institution for development cooperation. In this role, she funds high-impact economic, environmental and social initiatives in strategic sectors and promotes specialized programs for climate change, financial inclusion and women’s entrepreneurship in developing countries and emerging markets.

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