Italy and AfDB Sign €140 Million Deal to Finance Key Projects Across Africa
Italy and the African Development Bank have signed a €140 million co-financing agreement aimed at supporting strategic projects across Africa, strengthening Rome’s ambition to become a major economic partner for the continent.
The agreement, signed on the sidelines of the IMF and World Bank Spring Meetings in Washington, will finance projects in sectors considered critical to Africa’s development, including energy, agriculture, water, infrastructure and human capital.
Under the terms of the deal, €100 million will come from concessional loans provided through Italy’s Revolving Fund for International Development Cooperation, while an additional €40 million will be offered as grants by the Italian Ministry of Foreign Affairs. The funds will be administered by the African Development Bank under its own governance and management rules.
The new funding package forms part of Italy’s Mattei Plan, a strategy launched by the Italian government to deepen its economic and diplomatic ties with Africa. The plan focuses on areas such as energy access, climate resilience, job creation and infrastructure development.
For the African Development Bank, headquartered in Abidjan, the agreement comes at a time of increased financing activity. Since the beginning of 2026, the institution has approved 18 projects worth $755 million, marking its strongest pace of approvals since 2023.
Africa’s financing needs remain significant as many countries seek to strengthen food security, expand access to electricity and build infrastructure that is more resilient to climate change. At the Washington meetings, several African governments announced new partnerships and funding commitments, highlighting growing competition among international lenders seeking to support the continent’s growth.
For Italy, the partnership with the African Development Bank also represents an opportunity to strengthen its economic presence in Africa amid growing competition from China, Gulf states and other Western powers already deeply engaged across the continent.
