Development finance institution the African Development Bank Group and Italy’s national promotional institution Cassa Depositi e Prestiti (CDP) have signed a partnership framework agreement to set up the Growth and Resilience Platform for Africa (GRAf) to advance the continent’s economic growth.

The two institutions will target strategic projects, promote the exchange of information among stakeholders, and facilitate joint investment opportunities through the GRAf investment platform.

The platform is expected to accelerate the implementation of new African initiatives promoted by the private sector and create a single access point for investment opportunities.

Collaboration through the platform is also expected to contribute to job creation and improvements in the delivery of essential products and services across the continent.

Through the GRAf, CDP and the AfDB plan to jointly channel up to €400-million over five years through private equity and venture capital funds targeting food security, growth of local small and medium-sized enterprises (SMEs) and sustainable infrastructure.

GRAf plans to mobilise an additional €350-million from other sources to bring the pool of investment capital up to €750-million, the organisations say.

“By leveraging the GRAf Co-Investing Platform, we are mobilising resources and also creating a unified framework to address critical challenges like energy access, agricultural productivity and employment creation,” says AfDB Group private sector, infrastructure and industrialisation VP Solomon Quaynor.

This collaboration aims to empower African nations to achieve sustainable growth and resilience while fostering inclusive economic opportunities, he adds.

The initiative is part of Italy's strategic initiative, the Mattei Plan for Africa, which was unveiled in 2022 to forge a new era of mutual partnership and sustainable development between Africa and Italy.

The Mattei Plan will focus on energy cooperation, security and stability, and cultural and scientific exchanges.

“This implementing agreement marks an important step in further advancing the strong partnership between CDP and the AfDB Group. Building on the foundation laid earlier this year, we are now taking action to implement the Growth and Resilience Platform for Africa, says CDP International Development Cooperation director Paolo Lombardo.

By mobilising up to €750-million, we aim to support food security, local SME development, and sustainable infrastructure - areas critical to the Mattei Plan’s vision of fostering mutual prosperity and long-term growth in Africa.”