African Development Bank, Italy partner for USD436.7M economic deal

2024-08-05 06:02:36

(MENAFN) The African Development Bank Group and Italy's National Promotion Agency have launched a significant economic partnership valued at €400 million (USD436.7 million) over five years, aimed at fostering private sector development across Africa. This collaboration introduces the Growth and Resilience Platform for Africa, designed to spur economic progress through strategic initiatives.

The partnership's primary objectives include bolstering economic growth on the continent by supporting various strategic projects, enhancing information sharing among key stakeholders, and facilitating joint investment ventures. The initiative is expected to accelerate private sector initiatives in critical areas such as food security, the expansion of local small and medium-sized enterprises, and sustainable infrastructure development.

The African Development Bank also revealed plans to leverage this partnership to attract an additional €350 million from other sources, thereby increasing the total investment capital to €750 million. This expanded funding aims to further reinforce and scale up the platform's impact across Africa.

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