Italy working with EU on debt-relief plan for Africa tied to development projects

 

Italian Prime Minister Giorgia Meloni holds a press conference after the annual G7 summit at the Borgo Egnazia resort, in Savelletri, Italy June 15, 2024.  REUTERS/Guglielmo Mangiapane/File Photo

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 Tech stock video 3 on February 5 Tech stock video 3 on February 5 Italian Prime Minister Giorgia Meloni said on Friday she was working with the European Union on a debt-relief initiative for African states - part of Rome's efforts to help development in Africa and address the root causes of mass migration.

 Meloni met European Commission President Ursula von der Leyen, representatives of African nations and international institutions at a summit held at the 17th-century Villa Doria Pamphili in Rome.

 "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," Meloni said, speaking on the lawn of the villa, with St Peter's dome visible behind her, as she announced the joint EU-Italy debt plan.

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 The Mattei Plan for Africa, named after the late Enrico Mattei, who founded state oil company Eni, aims to support projects in energy and agriculture to encourage economic growth in Africa. Another development plan Italy launched last year already supports Africa. The EU launched its Global Gateway investment plan in 2021 as an alternative to China's Belt and Road Initiative.

 Meloni, a leader of the right-wing, said that the debt problem in Africa was important to the continent and could "undermine all other efforts" to develop it if it was not addressed properly. As part of the new debt plan, she told reporters the goal was to cut by 50% the debt of the low-middle income African nations, without elaborating.

 Bilateral deals with Africa involving both Italy and the EU were also announced.  Rome said in a statement the "shared commitments towards the African continent" presented at the summit were worth 1.2 billion euros.

 "The leaders agreed to review progress of the strategic partnership under the framework of the EU's Global Gateway strategy and the Mattei Plan for Africa at the Global Gateway Forum on 9-10 October 2025 in Brussels," the statement said.

 Meloni and Von der Leyen outlined an array of deals already announced including financing for a rail and road corridor linking the Angolan port of Lobito on the Atlantic coastline with Zambia and the Democratic Republic of the Congo, where minerals are mined.

 Von der Leyen said the agreements "illustrate how we turn political will and common vision into very concrete decisions, and most importantly reality on the ground."