BERLIN (AP) — The German government pledged Monday to invest 4 billion euros ($4.37 billion) in African green energy projects until 2030, with Chancellor Olaf Scholz saying that countries in Africa should benefit more from their wealth of raw materials.
Scholz discussed the pledge at a news conference on the G20 Compact with Africa summit taking place in Berlin. He did not mention any specific projects but said the materials used in green energy should be processed in the African nations they come from.
“This creates jobs and prosperity in these countries,” Scholz said. “And the German industry gets reliable suppliers.”
Compact with Africa is based on an initiative launched by Germany during its chairmanship of the Group of 20 leading rich and developing nations. It aims to improve the economic conditions in the participating countries in order to make them more attractive for foreign private investment.
Scholz said Germany should become a long-term and reliable partner to countries in Africa.
“Africa is our partner of choice when it comes to intensifying our economic relations and moving toward a climate-neutral future together,” he said.
The Compact with Africa countries include Egypt, Ethiopia, Benin, Burkina Faso, Ivory Coast, Ghana, Guinea, the Democratic Republic of Congo, Morocco, Rwanda, Senegal, Togo and Tunisia, according to German news agency dpa.
Asked about China's strong presence in Africa, several African leaders said the continent was open to other partnerships.
“Perhaps China was more audacious, perhaps they have more vision and perhaps they trusted the potential in Africa,” Moussa Faki, the chairperson of the African Union Commission, said.
“The African continent is open to different partnerships,” he added. “Our wish is for you to place your trust in us, to impose less conditions and to create the conditions together. ...
“Improving governance, that’s our responsibility, and therefore this shared vision could allow, I’m certain of it, for a large capital that could be invested in the continent,” Faki said.
___
Follow AP's coverage of climate issues at https://apnews.com/climate-and-environment
Before you consider RLI, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and RLI wasn't on the list.
While RLI currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
