Germany launches G20 effort to bring foreign capital to Africa

Poverty, catastrophes, climate change, and war threaten to drive migrants from Africa in the years ahead. That’s the warning that German Finance Minister Wolfgang Schaeuble laid before world leaders in finance this month – and it’s the motivation, he explained, for an ambitious new programme to attract private capital from G20 nations to African markets, Michael Nienaber reports for Reuters. The initiative, named “Compact with Africa,” will focus first on five countries around the continent, with more to join this year. Its goals include implementing new tax systems and creating financial stability in order to attract foreign direct investment that can drive sustainable growth. And it’s not a purely altruistic move: German companies see Africa as a market for future growth, as Nienaber reports.

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