Spring Meetings: CDP and JEFIC strengthen the role of finance for development

Summary

Hosted at the World Bank headquarters, the meeting brought together public banks and multilateral institutions to discuss financial instruments and new approaches to action
Giovanni Gorno Tempini, Chair of CDP, who spoke at the event, outlined the main global economic challenges

Promoting shared projects and strengthening cooperation among National Promotional Institutions to support finance for development, notably in emerging economies. These were the key themes of the event “Partnering for Prosperity: a New Role for Development Finance in an Evolving Global Landscape”, organised by CDP and the Joint European Financiers for International Cooperation network as part of the Spring Meetings of the International Monetary Fund and the World Bank.

For the first time in this context and format, the initiative brought together representatives of multilateral and bilateral development banks, European institutions and partners from the G7 and the African continent. As highlighted by Rémy Rioux, General Manager of Agence française de développement (AFD), in his remarks, an event of this kind would have been unthinkable ten years ago and only partly conceivable until a few years ago. Today it has taken place for the first time under CDP’s leadership and in an international setting, confirming the maturity reached in dialogue among development finance institutions, with the aim of strengthening international coordination and identifying new solutions capable of mobilising public and private capital to support sustainable growth.

Opening remarks were offered by Giovanni Gorno Tempini, Chair of CDP, who noted that “The international development finance system has entered a new phase: no institution can act alone, and cooperation is no longer optional but strategic. In a world characterised by increasingly pronounced geopolitical uncertainty, a pragmatic, coordinated approach is required, with instruments ranging from debt to equity”.

The meeting continued with a keynote speech by Jozef Síkela, Commissioner for International Partnerships of the European Commission, followed by a discussion among the CEOs of JEFIC member institutions and representatives of the European Investment Bank, the European Bank for Reconstruction and Development and the main Development Finance Institutions of the G7. The discussion focused on a global scenario marked by geopolitical fragmentation, pressures on financial markets and rising debt vulnerability, factors that make the evolution of the current global economic and financial cooperation framework increasingly urgent.

During the event it was highlighted that growth instruments are evolving towards greater use of blended finance, guarantees and partnerships with the private sector to address the widening development financing gap, estimated at over 5,500 billion dollars per year by 2030.

In this context CDP’s role in implementing the Mattei Plan for Africa is key, promoting a model of cooperation based on partnership and ownership by beneficiary countries. Since 2024 CDP has contributed more than 1.8 billion euros to the Plan, including through the Italian Climate Fund, in line with the Team Europe approach and the European Global Gateway initiatives. Among the strategic projects is support for the Lobito Corridor, a key infrastructure for regional connectivity and access to critical raw materials.

“With the Mattei Plan and our commitment within JEFIC, CDP aims to strengthen a model of cooperation based on long-term investment, risk reduction and the mobilisation of private capital, placing development finance at the service of economic stability and sustainable growth”, Chair Gorno Tempini emphasised in his remarks.

Lastly, the contribution of JEFIC was highlighted, a network that brings together five major European public development institutions – CDP, AFD, AECID, BGK and KfW – as a strategic platform to strengthen Europe’s capacity to act in partner countries.