Italy seeks to strengthen ties with Africa with €5.5 billion financing plan
Kyiv • UNN
Italy has unveiled a €5.5 billion investment plan to strengthen relations with Africa, seeking to boost energy ties and address migration flows.
Italian Prime Minister Georgia Meloni on Monday, January 29, unveiled an investment plan worth more than 5.5 billion euros to strengthen Italian relations with Africa in an effort to boost energy ties and curb migration flows. This was reported by Bloomberg, according to UNN.
Details
As noted, on Monday, the Prime Minister met with about 25 African heads of state and government, seeking to strengthen Rome's influential role as a political and economic bridge between the European Union and the African continent.
"Massive illegal immigration will never be stopped, traffickers of human lives will never be defeated, unless we address the reasons that drive people to leave their homes," Maloney said.
Italy's priorities will include energy, education and training, health, agriculture and water, Ms. Meloni said. The initial package, which includes loans, grants and guarantees, will consist of about €3 billion from Italy's climate fund and about €2.5 billion in development resources, she added.
The government, which is seeking to attract international financial institutions and other donor nations, will create a "new financial instrument" with a public lender by the end of the year to facilitate private sector investment in the project, Maloney said.
Maloney announced her so-called "Matthew's Plan" for Africa shortly after taking office in 2022, but its implementation has since been repeatedly delayed, Bloomberg.
The project is named after Enrico Mattei, the founder of the Italian energy company Eni SpA, which has often acted as a political and business link between Italy and the continent.
