AfDB to match Italy’s $150m concessional loans for Africa

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The African Development Bank (AfDB) has announced its commitment to match the $150 million in concessional loans and grants from Italy aimed at funding developmental projects across Africa.

Italy’s initiative comes amidst a 50% increase in migrant arrivals in 2023, prompting efforts to foster economic stability and opportunity within African nations.The joint effort between Italy and AfDB will prioritize key sectors such as energy, water, agriculture, health, education, and infrastructure—both physical and digital. This collaboration is bolstered by a Multi-donor Special Fund established to support the Mattei Plan and the Rome Process on Migration and Development.

During discussions at the G7 Summit in Puglia, Italian Prime Minister Giorgia Meloni and AfDB President Dr. Akinwumi Adesina affirmed their commitment to leveraging this partnership for sustainable development in Africa. Adesina emphasized the plan’s potential to enhance energy access, combat climate change, bolster food security, improve healthcare, and create job opportunities for African youth.

Source: PUNCH

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