The CEO of the Italian Cassa Depositi e Prestiti (CDP) fund, Dario Scannapieco, announced that the fund's investment in African projects will surpass $1 billion this year.
During a parliamentary hearing with the Foreign Affairs Committee on the Mattei Plan for Africa, Scannapieco stated, "In 2024, we will exceed $1 billion in financing for Africa for the first time." This marks a significant milestone in Italy's efforts to strengthen ties with African nations.
According to Agenzia Giornalistica Italia, Scannapieco highlighted that Italy is well-positioned to enhance cooperation with African countries for mutual benefit.
He pointed out Africa's abundant natural resources, vast potential in renewable energy, robust population growth, young workforce, and rapid urbanization as key assets.
Scannapieco also revealed plans to open two offices in Sub-Saharan Africa. "One of these offices will be in Abidjan due to our very close relations with the African Development Bank, and the other is expected to be in Kenya, which offers numerous investment opportunities," he said.
The Italian "Mattei Plan" is named after Enrico Mattei, the founder of the Italian energy giant ENI. The plan aims to halt irregular migration flows from North African coasts, diversify supply chains to ensure energy security and foster economic development in Africa.
The initiative was unveiled during the Italian-African Summit hosted in Rome at the end of January 2024.
Italy's strategic investments in Africa are part of a broader effort to build sustainable partnerships that can drive economic growth and stability across the continent.
The focus on renewable energy and urban development aligns with global trends toward sustainable and inclusive growth.
By establishing a stronger presence in Africa, Italy hopes to leverage its expertise and resources to support key development projects, thereby contributing to the overall stability and prosperity of the region.
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