East African Gazette
Berlin Germany
The government of Germany has pledged to invest 4 billion euros in Africa’s green energy until 2030 in an effort to faster economic growth and prosperity for Africa.
This was revealed by German Chancellor Olaf Scholz during a press conference in Berlin after meeting African leaders and heads of international organisations at the G20 Compact with Africa held in Berlin Germany on November 21, 2023.
The G20 conference was held under the theme “Strengthening multilateral cooperation and working on a rules-based, fair, international economic and financial system” Scholz said.
![](https://eastafricangazette.com/wp-content/uploads/2023/11/adb-7.jpg)
The Compact with Africa was initiated by Germany in 2017 during its presidency of the G20 to improve conditions for sustainable private sector investment and investment in infrastructure in Africa.
Currently 13 African countries namely Benin, Burkina Faso, Côte d’Ivoire, the Democratic Republic of Congo, Egypt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, Togo and Tunisia form G20.
Discussions centered around the global economy, such as tackling climate change, strengthening trade in a multipolar world; simultaneously combatting labour shortages and strengthening multilateralism.
![](https://eastafricangazette.com/wp-content/uploads/2023/11/adb-9.jpg)
Scholz said “With reliable cooperation between Africa and Europe is to realise climate-friendly energy supply based on green hydrogen will produce green hydrogen and you can rely on us as buyers, describing Africa as “the partner of our choice”.
Chancellor Scholz said African countries should benefit more strongly from their wealth of natural resources and explained the first step of processing should take place locally, creating jobs and prosperity.
“In light of the multiple global challenges, cooperation and joint work based on fair rules it is more important than ever. The international organisations are key players when it comes to preserving and strengthening an international global rules-based order, Scholz said.
Scholz said “Germany wants to contribute to this agenda by enhancing global trade, improving economic resilience and assisting the reform of the international financial architecture.
![](https://eastafricangazette.com/wp-content/uploads/2023/11/adb-8-2-1024x559.jpg)
This will go well with strengthening the role of the international organisations to see that international organisations to find multilateral solutions for global challenges
The African Development Bank (ADB) Group President, Dr Akinwumi Adesina urged members to push for stronger partnerships and investment in Africa, the world’s fastest-growing continent.
“I look forward to strengthening our strategic partnership with Germany in our drive to achieve faster economic growth and prosperity for Africa “President Adesina said.
![](https://eastafricangazette.com/wp-content/uploads/2023/11/adb1-1024x682.jpg)
The World Bank President Ajay Banga said, tackling climate change, Africa’s infrastructure gap, and unlocking industrial manufacturing capacities requires attracting private sector financing at scale. To achieve this objective, he outlined several actions multilateral institutions must take.
Banga urged the need to develop bankable projects and make them available to private investors and also private sector development strategies must be aligned with net-zero emission objective, and the green should be prioritized.
He said there is a need to mitigate global risks and pool resources to optimize investment strategies through a platform like the Africa Investment Forum to develop African Development Bank and seven partner organisations.
![](https://eastafricangazette.com/wp-content/uploads/2023/11/adb-3-1.jpg)
“I look forward to strengthening our strategic partnership with Germany in our drive to achieve faster economic growth and prosperity for Africa.” He said.
The African Development Bank (ADB) President Akinwumi Adesina commended Chancellor Olaf Scholz for convening the Compact for Africa.
Adesina announced plans to set up an executive advisory body dedicated to nurturing young African entrepreneurs and startups in Africa.
He said the conference was joined by 40 young African entrepreneurs and innovation champions in a session titled ‘Shaping the Future with Africa Young Entrepreneurs as Key to a Just Transition.
Adesina said they will tackle climate change, Africa’s infrastructure gap, and unlock industrial manufacturing capacities to attract private sector financing at scale.
“I commend Chancellor Scholz for convening the Africa Conference. The ADB remains fully committed to the success of this initiative, especially to promote private sector development in Africa.” he said.
![](https://eastafricangazette.com/wp-content/uploads/2023/11/adb-5-1.jpg)
“We need to totally revamp the financial ecosystem to serve the needs of the entrepreneurs. We also shall set up a high-level youth advisory committee to experiences shared by young entrepreneurs” he said.
The conference was attended by President of the Union of the Comoros and Chair of the African Union Azali Asuman, President of Nigeria Bola Tinubu, President of Senegal Macky Sall, President Hakainde Hichilema of Zambia, President of Cote d’Ivoire’s Alassane Ouattara, President of Kenya’s William Ruto, President of France Emmanuel Macron.
Others included the Chairperson of the African Union Commission Moussa Faki Mahamat, President of the European Commission Ursula von der Leyen, Germany’s Federal Minister for Economic Cooperation and Development Svenja Schulze and Managing Director International Monetary Fund Kristalina Georgieva.