AFC and CDP Agree New Alliance to Strengthen African-Italian Investment Collaboration
Rome, 9th May 2024 – Africa Finance Corporation (AFC), Africa’s leading infrastructure solutions provider, in partnership with Italy’s national development finance institution Cassa Depositi e Prestiti S.p.A (CDP) yesterday announced a landmark Memorandum of Understanding (MoU) that sets out to elevate Italian-African business collaboration, contributing to sustainable growth and prosperity on a global scale.
AFC and CDP signed their commitment yesterday at the Italy-Africa Business Dialogue Forum in Rome. The strategic alliance endeavours to bolster African infrastructure, harness natural resources, and propel industrial development through shared expertise and enhanced financial cooperation, while fostering the internationalisation of Italian businesses and expanding their global footprint.
The two institutions will work together to identify and engage in future partnerships and co-financing opportunities in development and infrastructure projects with governments, companies and financial entities. The institutions will create a shared platform to foster dialogue between Italian and African companies in AFC’s member countries.
Samaila Zubairu, President & Chief Executive Officer of AFC, said: "This strategic MoU with CDP marks a pivotal step in expanding our impact throughout Africa by utilising our extensive connections to international capital and expertise. By combining our resources and networks, we are poised to expand our record of transformative projects to catalyse sustainable development and economic advancement across the region."
Paolo Lombardo, International Development Cooperation Director at CDP, said: “This agreement is key for both institutions and crucial to foster synergies in the broader global development arena. Partnering with AFC, with its unique track record of transformational infrastructure, enhances support for companies and investors striving for Africa-focused growth and economic integration.”
Building on a robust partnership that started with a significant EUR 100 million loan agreement in 2022 to fuel renewable energy and climate-resilient projects and continued with a EUR 50 million loan announced at COP28 for further sustainable development projects, this MOU reinforces these financial engagements and expands the scope of cooperation through new initiatives that promise to enhance Africa’s economic and environmental landscape.
About AFC
AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.
Seventeen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 43 member countries and has invested US$13 billion across Africa since inception.
About CDP
CDP is the Italian National Promotional Institution and the Financial Institution for International Development Cooperation entrusted by the Italian State to foster the sustainable development of Italy and of developing countries and emerging markets. CDP supports economic growth, social inclusiveness and ecological transition by investing in innovation, business competitiveness, infrastructures and local development, having allowed in 2023 the activation of investments worth a total of 20,1 billion euros (1.4% of Italy’s GDP), of which 83% dedicate to sustainable project, also thanks to the attraction of resources from third-party investors and co-financiers.
Media Enquiries:
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile : +234 1 279 9654
Email : yewande.thorpe@africafc.org