Italy and France have officially joined a growing list of international backers for Africa’s sustainable development by pledging a combined $50 million in new funding.
- Italy and France pledged a combined $50 million to support Africa’s sustainable development initiatives.
- The funding will go to the Alliance for Green Infrastructure in Africa’s Project Development Fund, managed by Africa50.
- These new contributions add to the $118 million raised in 2025 from countries including the UK and Germany.
- The fund aims to reach $400 million to provide early-stage capital and make infrastructure projects viable.
On Wednesday, 5th of August during the 2026 Infra for Africa Forum held in Tanzania, Italy’s Cassa Depositi e Prestiti (CDP) committed $40 million, while France’s Proparco pledged $10 million to the Alliance for Green Infrastructure in Africa – Project Development Fund (AGIA-PD).
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This new support builds on a foundation established in 2025 when the fund first raised $118 million from partners including the United Kingdom and Germany.
Stephen Mari of CDP International Cooperation noted that the institution was proud to join as a founding partner, stating that the fund aligns with Italy’s broader objectives for climate action and partnership with Africa.
Funding green projects
The fund, which is managed by Africa50, aims to reach a total of $400 million to address the lack of early-stage capital for African infrastructure.
By providing this initial funding to make projects “bankable,” Africa50 estimates they can eventually generate up to $10 billion in total green investment opportunities across the continent.
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Executive Director of AGIA-PD, Anas Charafi explained that these new commitments are vital because project preparation remains
“the biggest bottleneck to attracting private investment into African infrastructure“.
By solving this issue, the fund hopes to accelerate the creation of climate-resilient energy and transport systems.
A vision for Africa’s economic future
Global leaders believe that investing in green energy and resilient buildings will drive long-term economic growth for African nations.
There have been notable investments in green infrastructure projects in various parts of the world recently. For example, a new report published here at Business Insider Africa is about a $3 billion green infrastructure project in Brazil. This UAE funded project is set to revolutionize the global aviation industry.
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Unsurprisingly, Punch published that Alain Ebobissé, the CEO of Africa50 Group, explained that:
“infrastructure remains critical to connecting capital with investment opportunities capable of driving Africa’s economic transformation and supporting a more sustainable and resilient future“.
Supporting this vision, Tibor Asboth of Proparco added that this financial backing will “help expand the pipeline of green infrastructure projects while supporting Africa’s energy transition and broader development objectives“.
The high-level event in Tanzania brought together heads of state and policymakers to ensure these investments lead to real-world economic progress.
