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Dario Scannapieco, CEO of Italian development bank La Cassa Depositi e Prestiti (CDP), announced on July 31 that it will invest more than $1 billion in Africa by 2024. The move marks the first time Italy has crossed the investment threshold in the continent.
Funds raised by CDP will focus on several key areas: energy, sustainable infrastructure, food security and addressing climate change. These areas are strategically important for supporting sustainable development and economic growth in Africa while strengthening bilateral relations with African countries.
This announcement comes against the backdrop of Africa being recognized for its many assets: rich natural resources, huge potential for renewable energy, a young and growing population and rapid urbanization. Italy, as an exceptional partner, is well positioned to take advantage of these opportunities.
Dario Scannapico said that this initiative of CDP aims to strengthen Italy’s cooperation with Africa in a mutually beneficial way. In addition to direct investments, CDP also plans to open two offices in Sub-Saharan Africa, one in Abidjan and the other in Kenya, to better coordinate and maximize investment opportunities.
The reason for opening an office in Abidjan is the close relationship with the African Development Bank, while Kenya was chosen because of its economic dynamism and the many investment opportunities it offers. These offices will serve as a hub for economic cooperation and local project development.
Ultimately, this Italian commitment to Africa underscores the desire to promote sustainable and inclusive development. By investing in key sectors and building local presence, CDP is committed to building a strong and lasting partnership between Italy and African countries.
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