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Berlin Expands Financial Commitment to Strengthen African Trade
(MENAFN) German Chancellor Friedrich Merz announced on Saturday that Berlin will allocate more than €37 million ($42.63 million) to the African Trade and Investment Development Insurance (ATIDI) via the development bank KfW.
This initiative is anticipated to generate up to $500 million in commerce and investment between German enterprises and African economies.
Addressing a side gathering at the G20 Leaders’ Summit in Johannesburg, South Africa, Merz emphasized the growing momentum in bilateral commercial ties.
“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,” he stated, highlighting the benefits expected from the expanded collaboration.
Merz noted that Germany is presently financing economic transformation programs in the G20-supported Compact with Africa (CwA) nations with over €3.2 billion.
Established under Berlin’s G20 Presidency in 2017, the initiative aims to stimulate private sector investment and encourage financial reforms throughout African states.
Reflecting on the progress so far, Merz said, “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.”
He described the next stage as “a new phase,” or “Compact 2.0,” marking the inclusion of Zambia and Angola this year and bringing the total number of participating countries to 15.
He also praised Angolan President Joao Lourenco for his country’s entry into the compact, acknowledging the significance of its new membership.
This initiative is anticipated to generate up to $500 million in commerce and investment between German enterprises and African economies.
Addressing a side gathering at the G20 Leaders’ Summit in Johannesburg, South Africa, Merz emphasized the growing momentum in bilateral commercial ties.
“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,” he stated, highlighting the benefits expected from the expanded collaboration.
Merz noted that Germany is presently financing economic transformation programs in the G20-supported Compact with Africa (CwA) nations with over €3.2 billion.
Established under Berlin’s G20 Presidency in 2017, the initiative aims to stimulate private sector investment and encourage financial reforms throughout African states.
Reflecting on the progress so far, Merz said, “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.”
He described the next stage as “a new phase,” or “Compact 2.0,” marking the inclusion of Zambia and Angola this year and bringing the total number of participating countries to 15.
He also praised Angolan President Joao Lourenco for his country’s entry into the compact, acknowledging the significance of its new membership.
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