Merkel hosts 11 African leaders, pledges new development fund

GERMAN Chancellor Angela Merkel yesterday met with the heads of 11 African nations, international organisations and corporate leaders to promote a program launched under the German Group of 20 presidency last year designed to encourage private investment in Africa.

Merkel opened the G20 Compact with Africa meeting yesterday saying it’s critical “not only to talk about Africa but to talk with Africa” about development needs and goals.

She pledged a new development fund to tackle underdevelopment on the conti- nent that has helped to spur mass migration.

Working with the World Bank, International Monetary Fund and the African Development Bank, the goal is to bring about the conditions in African countries needed to attract private investment, including economic stability, protection for investments by fighting corruption, and financing.

Merkel announced on Monday she would retire from politics by 2021. The chancellor needs the Compact with Africa summit to show that progress has been made in addressing the aftermath of one of the defin- ing moments of her 13 years in power. The 2015 decision opened Germany’s doors to more than a million refugees.

The Berlin summit, attended by 12 leaders including South African President Cyril Ramaphosa, Ethiopia’s Abiy Ahmed and Rwanda’s Paul Kagame, is designed to showcase the continent as a stable destination for German investment, said.

It’s open to all African countries and so far 11 have joined: Benin, Ivory Coast, Egypt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, Togo and Tunisia.