Germany announces $1.14 billion fund for Africa

By Ayhan Simsek

BERLIN (AA) - Chancellor Angela Merkel has announced on Tuesday the launch of a €1billion ($1.14 billion) fund to support private investments in African countries.

Speaking at the G20 Compact with Africa conference, Merkel pledged to ease financing burdens and support African countries’ development objectives.

“Now we have a €1billion fund, through which we would be able to support small and medium-sized enterprises from Germany or Africa,” she said.

But Merkel also raised her expectations from partner countries for reform and transparency to attract more direct investments to their countries.

Leaders from Benin, Ivory Coast, Egypt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, South Africa, Togo and Tunisia attended the conference hosted by German Chancellor in Berlin.