Italy is working with the European Union on a debt-relief plan for African countries, as part of its broader push to foster development on the continent and address the root causes of irregular migration.
“The entire 10-year operation will allow us to convert some 235 million euros ($270.67 million) of debt into development projects to be implemented locally,” Italian Prime Minister Giorgia Meloni, said.
In addition to the EU-led efforts, Italy is advancing its strategic framework, the Mattei Plan for Africa, which aims to accelerate growth in agriculture, energy, and infrastructure across African nations, according to Reuters.
The European Union’s involvement complements these efforts through its Global Gateway strategy, launched in 2021 to foster sustainable, high-standard investment as an alternative to China’s Belt and Road Initiative.
One of the flagship projects under this collaboration is funding for a new transport corridor connecting Angola’s Lobito port with Zambia and the Democratic Republic of the Congo, a crucial mineral export route.
“Investing in infrastructure is not just building railways, bridges and dams. It is also investing in training for local workers because that builds capacity and that is how transfer of expertise happens. And this results in positive spillovers all across the local economies of Africa. There is no better example than our work on the Lobito corridor,” President of the European Commission, Ursula von der Leyen said.
Debt concern
Meloni also stressed the urgency of addressing Africa’s growing debt burden, warning it could “undermine all other efforts” toward inclusive and sustainable development if left unaddressed.
She revealed that a new initiative is being developed to reduce the debt load of low- and middle-income African countries by up to 50%.
While she did not provide specific details, she emphasized that addressing debt was central to Italy’s broader strategy for fostering long-term growth and stability in Africa.
At the summit, Italy and the EU unveiled a total commitment of €1.2 billion to support development initiatives under both the EU’s Global Gateway strategy and Italy’s Mattei Plan for Africa.
Italy is working with the European Union on a debt-relief plan for African countries, as part of its broader push to foster development on the continent and address the root causes of irregular migration.
“The entire 10-year operation will allow us to convert some 235 million euros ($270.67 million) of debt into development projects to be implemented locally,” Italian Prime Minister Giorgia Meloni, said.
In addition to the EU-led efforts, Italy is advancing its strategic framework, the Mattei Plan for Africa, which aims to accelerate growth in agriculture, energy, and infrastructure across African nations, according to Reuters.
The European Union’s involvement complements these efforts through its Global Gateway strategy, launched in 2021 to foster sustainable, high-standard investment as an alternative to China’s Belt and Road Initiative.
One of the flagship projects under this collaboration is funding for a new transport corridor connecting Angola’s Lobito port with Zambia and the Democratic Republic of the Congo, a crucial mineral export route.
“Investing in infrastructure is not just building railways, bridges and dams. It is also investing in training for local workers because that builds capacity and that is how transfer of expertise happens. And this results in positive spillovers all across the local economies of Africa. There is no better example than our work on the Lobito corridor,” President of the European Commission, Ursula von der Leyen said.
Debt concern
Meloni also stressed the urgency of addressing Africa’s growing debt burden, warning it could “undermine all other efforts” toward inclusive and sustainable development if left unaddressed.
She revealed that a new initiative is being developed to reduce the debt load of low- and middle-income African countries by up to 50%.
While she did not provide specific details, she emphasized that addressing debt was central to Italy’s broader strategy for fostering long-term growth and stability in Africa.
At the summit, Italy and the EU unveiled a total commitment of €1.2 billion to support development initiatives under both the EU’s Global Gateway strategy and Italy’s Mattei Plan for Africa.
