World bank, Germany to work jointly on African development

The World Bank Group and the German Federal Ministry of Economic Cooperation and Development (BMZ) have 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.

Millions of young people will be entering the job market in Africa in the years ahead, World Bank Chief Executive Officer, Kristalina Georgieva said and added 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 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 Cote 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.

State Secretary in the German Ministry for Economic Cooperation and Development, Martin Jagger said that Germany wants to see more investments and jobs in Africa and has identified reform countries under the G20 Compact with Africa Initiative.

To make this happen we will forge a new type of partnership with the World Bank Group. In order to achieve quick and tangible results, we will work with the World Bank Group in a much more integrated way regularly aligning our engagements with regard to policy reforms and concrete investments as well as technical assistance", Jagger stressed.

The six countries which 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.