This archive report was first published on 20 November 2019.
On November 20, 2019, the Africa investment summit kicked off in Berlin, with German Chancellor Angela Merkel highlighting the continent's potential for economic growth. She stated that Africa has more opportunities than risks, and that the German industry seeks better credit guarantees to boost private investment.
According to Merkel, increasing private investment from Europe's largest economy would help the African continent achieve a self-sustaining economic upturn. The summit, which is the second 'Compact with Africa' dialogue, was launched in 2017 and aims to promote private investment in Africa, including in infrastructure.
Twelve African nations have joined the initiative, including Rwanda, Benin, Burkina Faso, Côte d'Ivoire, Egypt, Ethiopia, Ghana, Guinea, Morocco, Senegal, Togo, and Tunisia. The initiative is demand-driven and open to all African countries.
Authoritarian Egyptian President Abdel-Fattah el-Sissi, the first guest speaker, emphasized that investment would be a stabilizing factor for employment and energy supply across Africa. However, German Protestant church development agency's Africa director, Reinhard Palm, expressed concerns that small-to-medium-sized African businesses may struggle to access long-term capital.
