The Germany Africa Business Forum (GABF) announced Thursday a multimillion-Euro funding commitment to invest in German energy startups that focus on Africa.
The GABF, based in Berlin and Johannesburg, South Africa, said the funds are the first of their kind for the advocacy group seeking to advance German partnerships with the continent.
“Our initial goal is to support the investment in German companies and to start with funding allocations by the end of this year,” said Sebastian Wagner, co-founder of the GABF.
The news was welcomed by Cameroonian business leader NJ Ayuk, the CEO of Centurion Law Group based in Equatorial Guinea.
“The future of Africa’s energy industry will depend on technology and innovation. When German startups and Africans work together, we can build something unique for both our peoples,” Ayuk said. “I applaud the GABF for this well-thought-out initiative. I believe it is in line with the goals of the G20 Compact with Africa, driven by Germany.”
That compact, launched in 2017, is open to all African countries and has 12 nations participating to date. They include Benin, Burkina Faso, Côte d’Ivoire, Egypt, Ethiopia, Ghana and Guinea, along with Morocco, Rwanda, Senegal, Togo and Tunisia. The compact places renewable energy and rural employment as priorities for African investment.
The GABF also launched in 2017, with a parallel vision to facilitate German investment in Africa by connecting top African business and political leaders with their African counterparts.