Italy Unveils Debt Relief Plan for Africa
(MENAFN) In a significant move to ease the debt burdens of African nations and curb migration to Europe, Italian Prime Minister Giorgia Meloni unveiled a new initiative on Friday during an international summit in Rome.
Co-chaired by Meloni and European Commission President Ursula von der Leyen, the gathering attracted key representatives from African countries as well as international financial institutions. This initiative aims to provide a direct financial boost to African economies, strengthening ties between Europe and Africa.
Meloni emphasized the economic growth potential of Africa, linking the new initiative to Italy's Mattei Plan and the European Union's Global Gateway investment program. Both initiatives aim to prioritize major infrastructure projects across the continent, offering long-term solutions to socio-economic challenges.
"By strengthening Africa, we strengthen Europe," Meloni stated. "Africa is a continent where our future is at stake. Together, we must create the conditions for mutual stability. This summit is a fundamental step in the internationalization of the Mattei Plan."
The centerpiece of this effort is a massive 10-year program, which will repurpose approximately €235 million ($270.83 million) in debt into development-focused projects to be implemented directly on the ground in Africa. Meloni also confirmed that the initiative would help reduce the debt of lower-middle-income African nations by as much as 50 percent.
In a statement released after the meeting, officials revealed that the shared commitments from both the EU and Italy amounted to a substantial €1.2 billion ($1.38 billion). This funding will be used to directly invest in African development, enhancing infrastructure and promoting long-term economic growth.
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