G20 “Compact With Africa” – Merkel says Project Puts the West and Africa in “Equal Footing”
A group of African leaders as well as some international organizations and corporate heads were on Tuesday welcomed in Germany, by the Chancellor, Angela Merkel. This was to check how far the G20 “Compact with Africa” initiative has gone.
They met in a summit to promote a program launched during the 2017 G20 Hamburg meeting aimed at encouraging private investments in Africa. According to Angela Merkel, the G20 “Compact with Africa” puts African countries on an “equal footing” with the West.
She said, “Apart from strengthening Africa as a location for investment, it is also important to establish fair trade relations between Europe and Africa.”
Founded in 1999, the Group of 20 is an international forum aimed to discuss policy, pertaining to the promotion of international financial stability. Working with the world bank, International Monetary Fund and the African development bank, the G20 hopes to create in African countries the conditions needed to attract private investments, including economic stability, anti-corruption systems and financing.
Angela Merkel said, the program has as main goal to bring together reform-minded African government. She adds that the idea of the agreement with Africa, is not only to talk about Africa, but, to talk with Africa as a way to coordinate specific country plans in the African continent, which she says has been frequently overlooked.
The chancellor equally affirms that concentration will be turned from Asia to Africa in the future. The G20 Compact with Africa is a demand driven initiative open to all African countries. Since its launch in 2017, the compact with Africa has sparked great interest. So far, 11 African countries have joined the initiative: Benin, Côte d’lvoire, Egypt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, Togo and Tunisia.
Present during the summit was also South Africa’s president Cyril Ramaphosa in his role as the co-chair of the G20-Africa advisory group. The different African leaders took turns to make known their demands during the summit.
Different participating countries will benefit from a comprehensive but modular approach focusing on macro business and finance framework. G20 and other partners will also encourage investors in their countries to respond to investment opportunities. At the end of the summit, Togo, Egypt and Rwanda are to benefit from new investment opportunities on different projects in their countries.
Image source: File:Angela Merkel. Tallinn Digital Summit