Germany to Boost Trade, Investment Links with Africa
This initiative is anticipated to unlock up to $500 million in trade and investment between German enterprises and African markets.
“We will see even stronger trading links between Germany and African countries, more investment by German companies on the continent, more value creation in Africa,” Merz stated during a side event at the G20 Leaders’ Summit in Johannesburg, South Africa.
He highlighted that Germany currently backs economic reform programs in the G20-supported Compact with Africa (CwA) nations with funding exceeding €3.2 billion.
The CwA, which was launched under Berlin’s 2017 G20 Presidency, aims to stimulate private investment and promote economic reforms across African countries.
“Now we see many success stories in many compact countries already, more investment, more jobs, but our task today and from now on to scale this up,” Merz remarked, emphasizing the need to expand the initiative’s impact.
He described this expansion as “a new phase,” or “Compact 2.0,” noting that Zambia and Angola will join this year, increasing the number of participating countries to 15.
Merz also extended his congratulations to Angolan President Joao Lourenco on Angola’s inclusion in the compact.
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