Germany : G20 To Bolster Africa Investment

Leaders from more than a dozen African countries are in Berlin’s Marriott Hotel (Germany) for the G20 Compact with Africa Conference. During the opening of the two-day Conference on Monday, November 20, 2023, German Chancellor Olaf Scholz pledged $4.5bn by the end of the decade, for what’s known as the Africa-EU Green Energy Initiative. The Compact with Africa Conference in Berlin which brings together nations from the G20 and Africa is aimed at bolstering private investments in the African continent which they say can play a key role in helping Europe’s largest economy better diversify its supply chains, secure skilled labour, reduce illegal migration and achieve its transition to clean energy.
German government officials say Africa can play a key role in helping Germany better diversify its supply chains, secure skilled labour, reduce illegal migration and achieve its green transition. African countries have long complained that while Europe talks about investment, China actually provides financing without any moral lecturing. Still, Chinese lending in Africa is in decline, while European interest is rising as it seeks to diversify supply chains. German trade with Africa was 60 billion euros ($65.4 billion) last year, which is a fraction of its trad...