Co-financing agreement to turbocharge Italy's Mattei Plan, targeting energy access, jobs, and climate resilience
WASHINGTON, D.C., April 24, 2025-The World Bank and Italy today signed an agreement to advance sustainable development in Africa, complementing the country's recent contributions to multilateral development and increasing its financial support to IDA by around 25%, the World Bank's arm that assists low-income countries.
The co-financing agreement accelerates the Mattei Plan for Africa-Italy's flagship initiative to drive equitable growth through investments in energy, infrastructure, and human capital-and was finalized during the World Bank-IMF Spring Meetings. In addition to boosting Italy's commitment to IDA, the agreement increases its forthcoming subscription of hybrid capital issued by the International Bank for Reconstruction and Development.
World Bank President Ajay Banga hailed the partnership: "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 agreement lets Italy and the World Bank work together to support projects that match countries' development needs. It helps carry out the goals of the Mattei Plan, Italy's approach to building equal, future-focused partnerships with African nations. The plan emphasizes concrete investments in areas like energy, infrastructure, farming, water, health, education, and job training-with job creation at its core.
The agreement also emphasizes synergies with other global initiatives such as Mission 300, led by the World Bank and the African Development Bank, which aims to provide electricity access to 300 million Africans by 2030.Italy's Finance Minister Giancarlo Giorgetti underscored urgency: "Africa's challenges demand action, not words. This partnership ensures the Mattei Plan delivers real impact-fast."
