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African Development Bank VP Khaled Sherif champions private sector investment compact in Germany
Photo caption: Khaled Sherif (forward left), African Development Bank Vice-President for Regional Development, Integration and Business Delivery, and Christoph Rauh (forward right), Director for Africa with the German Federal Ministry for Economic Cooperation and Development (BMZ), stand with the participants of a deep dive exercise hosted by the BMZ in Bonn, Germany.
Khaled Sherif, the African Development Bank’s Vice-President for Regional Development, Integration and Business Delivery, led a senior delegation to Germany to firm up plans for driving private investment in Africa.
The mission comprised Country Managers and representatives from the Power, Energy, Climate and Green Growth (PEVP), Economic Governance and Knowledge Management (ECVP) and Private Sector, Infrastructure and Industrialization (PIVP) Complexes.
The visit included a deep dive exercise hosted by the Federal Ministry for Economic Cooperation and Development (BMZ) in Bonn, Germany.
The exercise was a follow-up to consultations held in April 2019 at the Bank’s headquarters in Abidjan. The discussions centered around the Joint Declaration of Intent, signed by Akinwumi Adesina, President of the Bank, and Gerd Müller, Federal Minister for Economic Cooperation and Development, in October 2018. The declaration seeks closer collaboration between the Bank and BMZ in countries that form part of the G20 Compact with Africa (CwA).
The meeting, which took place on June 19, provided a timely opportunity for the Bank’s Country Managers and sectoral directors and managers to agree on plans in six CwA countries to co-finance projects and better align their operations to the CwA reform matrices. Renewable energy, governance and agriculture value chains were identified as some of the main sectors of joint intervention.
The six reform partner countries are Côte d’Ivoire, Ghana, Senegal, Ethiopia, Tunisia and Morocco.
Sherif, in his newly designated role as the Bank’s “champion” of the CwA, reiterated the institution’s commitment to the compact in remarks to German development partners, which included representatives of the German development agency GIZ; Germany’s state-owned development bank KfW; and the BMZ.
Christoph Rauh, the BMZ Director for Africa, presided over the exercise and reaffirmed Germany’s commitment to cooperating with reform-minded African countries within the framework of the Marshall Plan with Africa.
The compact was initiated under the German G20 presidency to promote private investment in Africa. The African Development Bank, along with the World Bank and the International Monetary Fund, are playing a critical role in the overall implementation of the initiative.