Italy and the World Bank have formalized a co-financing agreement designed to propel Italy's Mattei Plan in Africa. This plan concentrates on sustainable development through energy access, employment, and climate resilience. The pact was signed during the World Bank-IMF Spring Meetings and follows Italy's pledge to increase its financial contribution to the International Development Association (IDA) by around 25%.
President of the World Bank, Ajay Banga, articulated the significance of the agreement: “This agreement will allow us to co-finance priority projects, scale impact, and create a more efficient structure for delivering results on the ground around our shared strategic interests: job creation, energy access, food security, regional integration. Italy’s leadership and increased pledge to IDA demonstrate a strong commitment to advancing these development objectives and supporting countries that need it most”.
The Mattei Plan focuses on equitable growth through investments in sectors such as energy, infrastructure, and human capital in Africa. It aims to build partnerships with African countries and prioritizes concrete investments in energy, infrastructure, farming, water, and job training. Job creation remains the core of these initiatives.
The collaboration also aligns with Mission 300, a coordinated effort by the World Bank and the African Development Bank, which seeks to provide electricity access to 300 million Africans by 2030. Italy’s Finance Minister Giancarlo Giorgetti voiced the urgency of these efforts: “Africa’s challenges demand action, not words. This partnership ensures the Mattei Plan delivers real impact—fast.”