ISTANBUL<\/p>\n
German Chancellor Friedrich Merz on Saturday said Berlin will invest over \u20ac37 million ($42.63 million) in the African Trade and Investment Development Insurance (ATIDI) through development bank KfW, a move expected to mobilize up to $500 million in trade and investment between German firms and African markets.<\/p>\n
\u201cWe will see even stronger trading links between Germany and African countries, more investment by German companies on the continent, more value creation in Africa,\u201d he told a side event at the G20 Leaders\u2019 Summit in Johannesburg, South Africa.<\/p>\n
He said Germany currently supports economic reform projects in the G20-backed Compact with Africa (CwA) countries with more than \u20ac3.2 billion.<\/p>\n
Under Berlin\u2019s 2017 G20 Presidency, the CwA was launched to boost private investment and drive economic reforms across African nations.<\/p>\n
\u201cNow we see many success stories in many compact countries already, more investment, more jobs, but our task today and from now on to scale this up,\u201d Merz said.<\/p>\n
He said he would call it \u201ca new phase,\u201d or \u201cCompact 2.0,\u201d with Zambia and Angola joining this year, expanding the compact to 15 countries.<\/p>\n
He congratulated Angolan President Joao Lourenco on joining the group.<\/p>\n
\u201cI trust that through this engagement, we will strengthen the compact,\u201d South African Vice President Paul Mashatile said.<\/p>\n
\u201cWe are confident that it will continue to unlock investments and help vigilant resilience,\u201d he added.<\/p>\n
African Union Commission Chair Mahmoud Ali Youssouf said the CwA offers an opportunity to implement reforms that attract investment and help achieve the objectives of the African Continental Free Trade Area protocol on investment.<\/p>\n
He also urged a focus on priority sectors such as mineral resources to create decent jobs and generate income for millions of Africans.<\/p>\n