Compact with Africa 2023 Summit in Berlin Spurs Optimism for Economic Cooperation

The importance of the 4th G20 Investment Summit – German Business and the Compact with Africa (CwA) Countries 2023 in Berlin was apparent given the participation of 14 African presidents, prime ministers, key political stakeholders, African Union representatives as well as the German Chancellor and Vice-Chancellor. The CwA 2023 conference offered a high-level platform for international participants to chart a course for sustainable economic development on the African continent and promote collaboration and innovation. 

The Compact with Africa initiative, launched in 2017 by former German Chancellor Angela Merkel, seeks to enhance private sector involvement, promote good governance and boost infrastructure development in Africa. This years’ Summit focused on refining and expanding the initiative’s impact, with a particular emphasis on leveraging digital technologies and green initiatives to drive inclusive growth.

Chancellor Olaf Scholz and African heads of state opened the conference by expressing a commitment to strengthen partnerships between African countries and the international community. They underscored the need for meaningful cooperation to address common challenges, including climate change and economic disparities. Scholz pledged 4 billion euros for the Africa-EU Green Energy Initiative through 2030. These investments are expected to be channeled into sectors such as renewable energy, digital infrastructure and healthcare, aligning with the Summit’s theme of sustainable development. 

With its goal to drive the green energy transition the CHB Group is looking to invest in critical minerals in sub-Saharan Africa. The Critical Minerals Fund (TCMF), which was founded by Ceaser Siwale and Carl Heinrich Bruhn, is partnering with African countries including Zambia and Nigeria to invest in the value chains of critical raw materials. CwA was a useful forum for delegates to discuss relevant topics in person.

The Berlin event served as a testament to the global community’s commitment to work hand in hand with Africa to build a resilient and inclusive future.