Egypt’s President Abdel Fattah El Sisi is scheduled to head for Berlin on Sunday to attend the G20 Compact with Africa (CWA) meetings initiated under the German G20 Presidency in 2017.
The CWA’s objectives aim to promote private investment in Africa, increase the attractiveness of private investment through substantial improvements of the macro, business and financing frameworks.
It also seeks to bring together reform-minded African countries, international organizations and bilateral partners from G20 and beyond to coordinate country-specific reform agendas, support respective policy measures and advertise investment opportunities to private investors.
The German Foreign Ministry stressed the importance of the G20 initiative in supporting economic cooperation between Africa and the G20 countries by announcing projects that will accelerate the growth of the Black Continent.
"El-Sisi is set to hold a series of important meetings, including an Egyptian-German summit with German Chancellor Angel Merkel, German President Frank-Walter Steinmeier and the Bundestag and the parliament's President Wolfgang Schäuble, in addition to a number of heads of international organizations participating in the summit," Presidential Spokesman Bassam Rady said.
The visit will also witness the signing of an agreement worth 154 million Euros for enhancing investment in renewable energy, environmental protection, the economics of solid waste and technical education.
"The president's participation comes at an invitation from German Chancellor Angela Merkel and it is part of Egypt's efforts to promote cooperation between African countries and G20," Rady added.
It is noteworthy that the CWA sparked great interest, as twelve African countries have joined the initiative, including, Egypt, Benin, Burkina Faso, Côte d’Ivoire, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, Togo, and Tunisia.
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