‘Compact with Africa’ Summit Gets Underway in Berlin

Germany’s Chancellor Angela Merkel has welcomed the leaders of 12 African nations to the ‘Compact with Africa’ business summit in Berlin.

Launched in March 2017 as part of Germany’s presidency of the G20, in partnership with the IMF, Africa Development Bank and the World Bank, the summit aims to promote business initiatives and greater private investment in Africa.

Merkel and President Sisi of Egypt addressed the summit this morning, which includes representatives from Benin, Burkina Faso, Ivory Coast, Eygpt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, Tunisia and Togo

The German Chancellor admitted she had been to less than half of the 54 African countries that make up the continent, but was “convinced” that greater private investment from Europe’s largest economy would help Africa achieve a “self-supporting upturn”.

Sisi concurred with his opening words, saying investment would be a “stabilising factor” for both employment and energy supply across Africa.

Talking to German television channel ARD, Merkel said greater investment in Africa was a “win-win”, and that it would encourage greater transparency within the political framework.

“We should do everything we can to cooperate with Africa – not talk about Africa, but to do something together”, she said.

A € 1 billion German development fund was made available last year, but Development Minister Gerd Müller said more needed to be done.

He pointed to the fact that French and British companies were investing in the continent “many times over”, saying German businesses must demonstrate a “new breakthrough mood”.