Italy and EU Unite for African Debt-Relief Initiative
Italian Prime Minister Giorgia Meloni announced a collaboration with the European Union to initiate a debt-relief plan for African countries. This initiative seeks to convert €235 million of African debt into developmental projects, aiming to address migration roots and promote economic growth across the continent.
In a bold diplomatic move, Italian Prime Minister Giorgia Meloni, alongside European Commission President Ursula von der Leyen, unveiled a debt-relief initiative for African nations during a summit in Rome. The plan, part of ongoing efforts to enhance development and curb migration challenges, focuses on converting African debt into impactful projects.
Speaking at Rome's historic Villa Doria Pamphili, Meloni highlighted the initiative's potential to transform €235 million of debt into projects fostering growth. The joint EU-Italy plan aligns with the ambitions of the Mattei Plan for Africa, introduced last year, which focuses on energy and agriculture sectors to stimulate economic advances.
This partnership is part of the EU's Global Gateway strategy, which seeks alternative routes to China's Belt and Road Initiative. Leaders from both regions emphasized their commitment, seeking to slash African nations' debts by 50%, expanding bilateral cooperation, and setting a strategic review for 2025 in Brussels.
(With inputs from agencies.)
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