Chancellor Angela Merkel on Tuesday announced the launch of a €1billion ($1.14 billion) fund to support private investments in African countries.
Speaking at the G20 Compact with Africa conference, Merkel pledged to ease financing burdens and support African countries’ development objectives.
According to the Chancellor “Now we have a €1billion fund, through which we would be able to support small and medium-sized enterprises from Germany or Africa,”
Merkel also raised her expectations from partner countries for reform and transparency to attract more direct investments to their countries.
Present at the conference hosted by the German Chancellor in Berlin were leaders from Benin, Ivory Coast, Egypt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, South Africa, Togo, and Tunisia.