President Paul Kagame, German Chancellor Angela Merkel and President Cyril Ramaphosa
BERLIN, Nov 20 (NNN-AGENCIES) — The leaders of 12 African countries met German Chancellor Angela Merkel in Berlin on Tuesday for discussions on boosting business investment in Africa.
They took part in the Compact with Africa (CwA) Conference, an initiative set up during the German presidency of the G20 in 2017 to promote private sector investment in Africa.
It aims to create jobs, improve lives, and reduce the number of asylum seekers coming to Europe.
Since the 2015 refugee crisis in Germany, the government has launched various projects to help improve African economies but German businesses have been slow to respond.
The CwA’s primary objective is to increase attractiveness of private investment through substantial improvements of the macro, business and financing frameworks.
The initiative is demand-driven and open to all African countries. Since its launch in 2017, the CwA has sparked great interest.
African countries such as Benin, Côte d’Ivoire, Egypt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, Togo and Tunisia have joined the initiative.
Germany wants to help promote private sector investment in Africa, to empower some of these African countries to create jobs, improve lives, and reduce the number African migrants heading to Europe.
Tuesday’s conference in Berlin should help German businesses respond to calls for them to invest in Africa significantly.
Germany has already signed several bilateral Investment and Reform Partnership agreement with members of the G20 Compact with Africa exceeding over a €100 million. — NNN-AGENCIES
