This announcement was made during a news conference held during the G20 Compact with Africa summit in Berlin.
German Chancellor Olaf Scholz emphasized the importance of processing the raw materials used in green energy production within the African nations where they originate.
This approach, he explained, not only generates employment and prosperity within these countries but also ensures a reliable supply chain for the German industry.
The Compact with Africa initiative, launched by Germany during its G20 chairmanship, aims to enhance the economic conditions of participating countries to make them more attractive for foreign private investment.
Scholz underscored Germany’s commitment to establishing long-lasting and dependable partnerships with African nations.
The group of Compact with Africa countries comprises Egypt, Ethiopia, Benin, Burkina Faso, Ivory Coast, Ghana, Guinea, the Democratic Republic of Congo, Morocco, Rwanda, Senegal, Togo, and Tunisia.
Germany’s pledge of $4.37 billion to boost green energy efforts in Africa represents a significant step towards achieving sustainable development goals on the continent.
Complete Farmer, a Ghanaian agritech startup, has secured $10.4 million in pre-Series A funding to streamline its operations and expand its reach.
Cameroon-based fintech startup Nkwa App has raised $15,000 in Seed Funding to accelerate financial inclusion and promote a saving culture.
Communication & Renewable Energy Infrastructure (CREI), the energy division of Ieng Group, has secured $40 million in bridge financing to expand renewable energy systems for telecom towers in Mali.
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