Aug 4 , 2024
Africa is poised for a 400 million euro initiative on food security, small and medium-scale enterprise and infrastructure growth over five years. The initiative is announced by Italy’s National Promotional Institution, Cassa Depositi e Prestiti (CDP), and the African Development Bank Group to bolster private sector growth in Africa. The partnership aims to drive economic growth on the continent by supporting strategic projects, promoting information exchange, and facilitating joint investment opportunities. Each institution will contribute up to 200 million euros, which will be funnelled into Africa's economy through private equity and venture capital funds focused on Additionally, the platform aims to mobilise an extra 350 million euros from other sources, bringing the total investment pool to 750 million euros. The African Development Bank Group, which manages the largest dedicated private equity and venture capital fund-of-funds in Africa with over 1.36 billion dollars committed to 74 funds, welcomed the partnership. President Akinwumi Adesina expressed his support by saying that they plan to leverage this strategic partnership to scale up investment in Funds in Africa and give greater confidence to global and African institutional investors to also scale up their investments.
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