The G20 Compact with Africa (CwA) Summit that has brought together German businesses and the CwA member countries, kicked off in Berlin, Germany today.
Ethiopian Premier Dr Abiy Ahmed, who arrived in Berlin from France today, has attended the conference along with other African nations, including AU Chairperson and Ugandan President Paul Kagame.
In her keynote address, German Chancellor Angela Merkel promised a new development and investment fund as well as increased export guarantees, more double taxation agreements and support of industrial zones.
President Kagame for his part said CwA has all the ingredients of a successful program of accelerating growth and development in Africa.
“Africa needs to reform to take advantage for growth benefits of partnership,” he added.
During the event, German investors will present flagship projects currently undertaken in the CwA countries and explore further opportunities on the African Continent.
As an initiative of the G20, CwA was set up under the German G20 Presidency to promote investment in Africa.
Its primary objective is to increase attractiveness for private investment through substantial improvements of the macro, business, and financing frameworks in countries that have signed up to the program.
The initiative is open to all African countries and so far 11 African countries have joined, including Ethiopia, Benin, Côte d’Ivoire, Egypt, Ghana, Guinea, Morocco, Rwanda, Senegal, Togo, and Tunisia.
SOURCES: Fana Broadcasting Cooperation-FBC