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Add to Preferred SourcesThe World Bank Group and the German Federal Ministry of Economic Cooperation and Development (BMZ) announced a deeper partnership for economic development in six countries in Africa. BMZ will provide significant additional financial support through the partnership, which will harness World Bank Group expertise on the ground in order to catalyze investment, job creation and sustainable economic growth.
The partnership flows from a Joint Declaration of Intent between BMZ and the Bank Group signed at an Africa Investment Summit in Berlin on October 30, 2018. It sets out parameters for joint action in Morocco and Tunisia in North Africa, and Côte d’Ivoire, Ethiopia, Ghana, and Senegal in Sub-Saharan Africa. The countries will benefit from joint financial support for technical assistance, development policy operations and other reform programs provided by the World Bank Group.
Included in the partnership is a time frame for joint missions to the six countries and guidance for potential reforms to increase private capital inflows and job creation. The sectors covered include renewable energy, power grid modernization, jobs and skills training, investment policy and land reform, and development of the automotive sector.
“Millions of young people will be entering the job market in Africa in the years ahead”, said World Bank Chief Executive Officer, Kristalina Georgieva. “Good policy reforms pay off by creating a dynamic business environment that can unleash the potential of the private sector. We are pleased to be working with the Government of Germany to step up our joint engagement on this important agenda.”
The six countries have been selected by BMZ are participants in the G20 Compact with Africa, an initiative that was launched in 2017 under the German G20 Presidency. The Compact with Africa brings together G20 members with 12 countries in Africa, with the support of the World Bank Group, International Monetary Fund, and African Development Bank.
Original source: World Bank
Published on 30 January 2019