German Chancellor Angela Merkel pressed her case for investment in Africa on Monday as part of the G20’s Compact for Africa initiative, the focus of two-day meetings in Berlin.
Merkel, whose nation holds the current G20 presidency, welcomed African leaders from Côte d’Ivoire, Ghana and Tunisia, the three nations that are partnered with Germany as part of the effort to match G20 nations with specific countries to focus on infrastructure, digital access and good governance that facilitates foreign direct investment and economic development.
Egyptian President Abdel Fattah al-Sisi also participated in the business-focused B20 meetings tied to the broader G20 compact, as did IMF president Christine Lagarde and Jim Yong Kim, president of the World Bank, and numerous corporate executives.
Other African nations included in the compact’s launch are Morocco, Rwanda, Senegal and Ethiopia, with the hope – and numerous calls – to expand Compact for Africa to other sub-Saharan nations or regional bodies.
“These compacts may become a potent vehicle for prompting private investment and job-creating growth in Africa,” said Mo Ibrahim in a Monday op-ed in Financial Times, emphasizing needed investment in the agricultural sector while harnessing the demographic power of young Africans.
The philanthropist and accountability advocate was joined by Dangote Group CEO and foundation chairman Aliko Dangote, as well as former African Development Bank president Donald Kaberuka, in penning a piece that stressed the shared interests of Africa, Europe and the G20 in achieving success.
To review B20 recommendations for Compact for Africa, see this link.
To view videos of the Compact for Africa sessions, see this IMF link.
Image: Business 20 Germany, IMF