Italy, AfDB sign €400-m climate finance deal

By Aya El Sayed On Dec 5, 2024

Italian state lender Cassa Depositi e Prestiti (CDP) and the African Development Bank (AfDB) have signed a €400 million ($420 million) co-financing agreement to support climate finance, sustainable agriculture, education, and technical assistance.

The deal was announced on Thursday at the AfDB’s Africa Investment Forum in Rabat.

The agreement forms part of Italy’s €6 billion Mattei Plan aimed at fostering development across Africa. “We want to mobilise capital across Africa using African funds, essentially accelerating equity,” said Paolo Lombardo, CDP’s head of international cooperation and development finance.

AfDB Vice President for Finance Hassatou Diop N’Sele highlighted the collaboration’s potential to address critical challenges in African development.

Attribution: Reuters

Subediting: M. S. Salama

African development Cassa Depositi e Prestiti (CDP)climate finance co-financing agreement education Hassatou Diop N’Sele Italian lender Paolo Lombardo