Italy Announces $6 Billion Support Plan for African Development
During the historic one-day Italy-Africa conference in Rome, the Italian government presented a major project that will support African growth with an estimated US$6 billion.
This historic summit, which took place as Italy took over as G7 President and in front of the 37th Ordinary Assembly of the African Union in Addis Ababa, brought together 25 African leaders and representatives of the European Union under the direction of Dr. Akinwumi Adesina, President of the African Development Bank Group.
Initiatives to Foster Economic Ties and Energy Innovation
At the forefront of Italy's strategic vision is the establishment of an energy hub to fortify economic ties with Africa and address the challenges of emigration to Europe. The announced €5.5 billion (US$5.95 billion) commitment, including guarantees, underscores Italy's commitment to nurturing economic links and fostering development within the continent, aligning with broader goals of enhancing regional stability and growth.
African Union's Appreciation and Alignment
African Union Commission Chairperson Moussa Faki commended Italy's financial commitment while underscoring the value of earlier collaboration with African stakeholders in shaping such initiatives. Despite the need for prior consultation during the plan's formulation, Faki noted that the proposal resonates with Africa's developmental priorities, signaling alignment between Italy's aspirations and the continent's strategic direction.
Empowering Africa for Global Influence
Adesina, in a compelling address on economic and infrastructure cooperation, underscored Africa's pivotal role in shaping the future global landscape. Citing the continent's demographic dividend, abundant natural resources, and agricultural potential, he emphasized Africa's indispensable position in driving global progress and sustainability, despite facing multifaceted challenges.
African Development Bank's Commitment to Infrastructure Development
Highlighting the significant infrastructure financing gap impeding Africa's growth, Adesina reiterated the African Development Bank's substantial investments in key sectors such as transportation, energy, and digital infrastructure. With a track record of allocating $44 billion over the past seven years to pivotal infrastructure projects, the Bank remains a steadfast partner in propelling Africa's development trajectory and unlocking its vast potential.
The Chief of the Bank Group praised the Italian government for the Rome Process Financing Facility, which will allocate €100 million (with 90% as concessional financing) to support infrastructure projects in Africa, particularly focusing on renewable energy, energy efficiency, water and sanitation, and agriculture initiatives. The funding will also support vocational training and job creation. He also commended Italy's 'Mattei Plan for Africa' for its emphasis on energy security.
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Adesina highlighted the issue of illegal migration from African countries, emphasizing the importance of continuing to aid economic growth and development in Africa, reducing fragility, and enhancing resilience.
European Commission President Ursula von der Leyen called for a unified effort to combat human traffickers, stating that cooperation is key to dismantling criminal networks and creating safer alternatives to dangerous smuggling routes.
European Parliament President Roberta Metsola expressed the belief that when Africa thrives, Europe and the rest of the world benefit.
African leaders who spoke at the summit included the African Union Chairperson, Presidents of Comoros, Senegal, Ghana, Kenya, Republic of Congo, and Somalia, as well as leaders from Zimbabwe, Tunisia, Mozambique, Eritrea, Ethiopia, and Cabo Verde. Other notable figures present were UN Deputy Secretary General Amina Mohammed and European Council President Charles Michel.
Adesina highlighted the issue of illegal migration from African countries, emphasizing the importance of continuing to aid economic growth and development in Africa, reducing fragility, and enhancing resilience.
European Commission President Ursula von der Leyen called for a unified effort to combat human traffickers, stating that cooperation is key to dismantling criminal networks and creating safer alternatives to dangerous smuggling routes.
European Parliament President Roberta Metsola expressed the belief that when Africa thrives, Europe and the rest of the world benefit.
African leaders who spoke at the summit included the African Union Chairperson, Presidents of Comoros, Senegal, Ghana, Kenya, Republic of Congo, and Somalia, as well as leaders from Zimbabwe, Tunisia, Mozambique, Eritrea, Ethiopia, and Cabo Verde. Other notable figures present were UN Deputy Secretary General Amina Mohammed and European Council President Charles Michel.
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