In a significant stride toward fostering economic growth across Africa, the African Development Bank Group (AfDB) and Italy’s National Promotional Institution, Cassa Depositi e Prestiti (CDP), have signed a groundbreaking agreement under the newly established Growth and Resilience Platform for Africa (GRAf). The initiative, which was formalized on December 5 in Rabat, Morocco, aims to channel up to €750 million into key sectors across the continent.
Under the terms of the agreement, the AfDB and CDP will jointly invest €400 million over the next five years, leveraging private equity and venture capital funds to target critical areas such as food security, small and medium-sized enterprise (SME) development, and sustainable infrastructure. The partnership will further mobilize an additional €350 million from other stakeholders, bringing the total investment pool to €750 million.
The GRAf initiative seeks to streamline access to investment opportunities, promote the exchange of knowledge among stakeholders, and accelerate private sector-led projects across Africa. It will provide a unified framework to address the continent’s pressing challenges, including energy access, agricultural productivity, and employment creation.
“By leveraging the GRAf Co-Investing Platform, we are not only mobilizing resources but also creating a unified framework to address critical challenges,” said Solomon Quaynor, AfDB’s Vice President for Private Sector, Infrastructure, and Industrialization. “This collaboration is a testament to our shared vision of empowering African nations to achieve sustainable growth and resilience while fostering inclusive economic opportunities.”
The GRAf initiative builds upon the Mattei Plan for Africa, a strategic Italian framework launched in 2022 under Prime Minister Giorgia Meloni. Presented at the G7 summit earlier this year, the plan emphasizes energy cooperation, stability, security, and cultural exchanges to promote mutual development.
“This implementing agreement marks an important step in further advancing the strong partnership between CDP and the African Development Bank Group,” said Paolo Lombardo, CDP’s Director for International Development Cooperation. “By mobilizing 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.”
AfDB ’s commitment to fostering venture capital and private equity in Africa is underscored by its status as the largest fund-of-funds investor on the continent, with $1.36 billion committed to 74 private equity and venture capital funds. Notable investments include the Africa GoGreen Fund, Alitheia IDF Fund, Seedstars Africa Ventures and the Janngo Start-Up Fund. These initiatives have played a pivotal role in bolstering local economies, creating jobs, and improving access to essential services.
CDP, as Italy’s National Promotional Institution, is tasked with advancing sustainable development domestically and internationally. Its investments prioritize innovation, competitiveness, and ecological transition, aligning closely with the goals of the GRAf initiative.
The partnership represents a critical development in Africa’s investment landscape. By combining resources and expertise, the AfDB and CDP aim to create a scalable model that attracts additional investment and delivers transformative impact. With a focus on private sector growth, GRAf is poised to unlock the potential of Africa’s burgeoning entrepreneurial ecosystem while addressing systemic challenges that hinder progress.
As the initiative gains traction, it is expected to catalyze sustainable growth, create jobs, and improve the quality of life for millions across the continent. For both AfDB and CDP, the agreement is not just an investment in Africa ’s future but a commitment to fostering enduring partnerships that transcend borders.