Conference on the G20 Compact with Africa 2023 in Berlin, Germany
/BERLIN, November 20, 2023, 9:00 CET, RENEWABLE MARKET WATCHTM/ Launched under the German G20 Presidency in 2017, the G20 Compact with Africa (CwA) has established itself as the key format for dialogue and cooperation between reform-oriented African countries, G20 partners and beyond. Backed by continued support from G20 Leaders and International Organisations, the Compact is firmly anchored in the G20 Finance Track with the Africa Advisory Group under South African-German Co-Chairmanship as its steering body. The CwA contributes to attracting increased private investment in the Compact countries through substantial improvements in the macro, business and financing frameworks. Recent data show that CwA countries, being more open to trade and foreign direct investments, have managed to disproportionally benefit from the postpandemic economic recovery. The recent admission of the Democratic Republic of the Congo and growing interest from additional African partners to join the CwA are further proof of success of this flagship initiative.
Aiming at both complementing and reinforcing the ongoing work within the CwA framework, German Federal Chancellor Olaf Scholz will host the 5 th Conference on the G20 CwA on November 20th 2023, at the Federal Chancellery in Berlin, Germany. Heads of State or Government of CwA member countries and those interested in joining the CwA, African G20 partner countries under the Indian G20 Presidency 2023 as well as further key partners, including the Heads of the African Development Bank, the International Monetary Fund and the World Bank Group, are invited. The conference shall serve as a forum to promote further political dialogue, foster economic collaboration and advance on concrete measures to boost private investment. In the afternoon of 20th November 2023, these topics will be discussed in two working sessions, followed by a dinner. The Conference on the G20 CwA will be complemented by accompanying events hosted by the German government and by German Business.
“The German government has committed itself to continuing its support for the G20 Compact with Africa. Germany will work closely with France, international organisations and the African partners to further strengthen the initiative. The Compact with Africa is a key project from Germany’s G20 presidency in 2017. Its aim is to improve conditions for sustainable private sector investment and investment in infrastructure in African countries.
The G20 countries are aware that they have a special responsibility to work together to tackle the challenges facing the world’s poorest countries, especially in Africa. The Compact with Africa (CwA) is a central pillar of the G20-Africa partnership launched to this end under Germany’s G20 presidency. The aim of the CwA is to promote private sector-led development by improving the conditions for private investment, including in infrastructure.
The initiative, which has met with great interest in Africa, has established itself as a central multilateral initiative to promote private investment and as a format for dialogue on an equal footing between the G20 and African partners. Since its launch in 2017, 12 countries have joined the initiative: Benin, Burkina Faso, Côte d’Ivoire, Egypt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, Togo and Tunisia. These countries have taken advantage of the opportunities provided by the initiative to improve their economic competitiveness and the conditions for private investment. Their increased economic resilience has also helped the participating countries to better deal with the economic challenges of the Covid-19 pandemic.
The initiative has been firmly anchored in the G20 Finance Track via the Africa Advisory Group, which is co-chaired by Germany and South Africa. With the aim of further developing the CwA, in the autumn of 2021 all partners agreed on additional reform efforts to strengthen the initiative. Three international organisations (the World Bank Group, the African Development Bank and the International Monetary Fund) are now working to develop these measures and specify the details.
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