The German government has started a 1 Billion EURO Africa fund to support African startups and SMEs as well as German and European companies.
This announcement was made by the German Ambassador to Ghana, Christoph Retzlaff recently on Twitter.
The German Government starts a 1 Billion EURO Africa fund today. Supporting African startups and SMEs as well as German and European companies. #delivering on G20 Compact with Africa. pic.twitter.com/iM0krfZ4ET
— Daniel Krull (@GermanAmbGhana) June 4, 2019
According to him, this is the German government delivering G20 Compact with Africa.
The G20 Compact with Africa (CwA) was initiated under the German G20 Presidency to promote private investment in Africa, including in infrastructure. The CwA’s primary objective is to increase attractiveness of private investment through substantial improvements of the macro, business and financing frameworks. It brings together reform-minded African countries, international organizations and bilateral partners from G20 and beyond to coordinate country-specific reform agendas, support respective policy measures and advertise investment opportunities to private investors. The initiative is demand-driven and open to all African countries. Since its launch in 2017, the CwA has sparked great interest.
So far, twelve African countries have joined the initiative: Benin, Burkina Faso, Côte d’Ivoire, Egypt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, Togo and Tunisia.
The Africa Fund is managed by German Development Banks KFW / DEG.
More information is expected soon.
