JOHANNESBURG - Germany has renewed its commitment to economic cooperation with Africa.
Chancellor Friedrich Merz made the announcement during the G20 Compact with Africa event, held on the sidelines of the G20 Leaders' Summit on Saturday.
Merz says Germany will become a shareholder of the African Trade and Investment Development through the development bank.
"AT-IDI is a powerful instrument that boosts trade, it boost private investment in Africa, it reduces risks and builds trust for investors," Merz explained.
He said Germany's equity investment in AT-IDI will amount to more than 37 million euros while also mobilising an additional 400 million euros in trade and investment
"We will see even stronger trading links between Germany and African countries, more investment by German companies in the continent and more value creation in Africa. Our cooperation is here to stay."
The Compact is designed to strengthen partnerships with the private sector to boost investment.