Power and Politics

Germany pledges over €4 billion investment in African countries by 2030


The German government has pledged over €4 billion worth of investment in African countries by 2030, Zambia’s Presidency has revealed.

State House Chief Communications Specialist, Clayson Hamasaka, said the investment spanned sectors such as energy, infrastructure, mining, agriculture, and tourism.

Hamasaka in a statement issued in Lusaka on Monday, stated that Germany President, Olaf Scholz, assured the gathering that these financial commitments were not loans but direct investments.

He said Scholz indicated that the investment was aimed at fostering a mutually beneficial relationship between the economies.

“Scholz emphasized the potential for Africa’s young population to acquire skills that contribute to global economic development,” Hamasaka stated.

In the same vein, Hamasaka said President Hakainde Hichilema urged foreign investors to collaborate with local partners in Zambia.

He said the Head of State emphasized that it was a key avenue for sustainable economic development and business growth in the country.

“Hichilema, alongside other Heads of State and dignitaries, addressed the high-level gathering of the German business community at the ongoing G20 Compact with Africa conference in Berlin on Monday in Germany,” Hamasaka stated.

He noted that Hichilema highlighted investment opportunities across various sectors of the Zambian economy, while underscoring the importance of joint ventures between foreign and local investors.

Hamasaka stated that the Head of State underscored that this was a reliable model for sustainable economic development that benefits all parties.

Read More: Presidency announces Zambia’s desire to join G20 Compact with Africa, as Hichilema arrives Germany

“President Hichilema encouraged the European business community to explore Africa’s abundant natural resources,” he said.

Hamasaka highlighted that Hichilema however stressed the significance of processing and value addition within African countries to generate local jobs and foster the expansion of local economies.

He observed that Hichilema reiterated the necessity for reasonably priced capital for African countries, countering the current scenario where the financial risk profiles for African countries are excessively high, leading to elevated costs.

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