Merkel pledges €1bn development fund for investments in Africa
Germany has introduced tax incentives for its companies to set up plants in Africa
Berlin — German Chancellor Angela Merkel pledged on Tuesday a new €1bn development fund of to tackle unemployment in Africa, a problem spurring the mass migration that has shaped her long premiership as it nears its end. Merkel hosted a summit of African leaders, including President Cyril Ramaphosa, a day after her announcement that she would retire from politics by 2021, which sent shockwaves across Europe and started a race to succeed her. She needs the Compact with Africa summit to show that progress has been made in addressing the aftermath of one of the defining moments of her 13 years in power: her 2015 decision to open Germany’s doors to more than a million asylum seekers.
The Berlin summit, attended by 12 presidents and prime ministers including Egypt’s Abdel Fattah al-Sisi, Ramaphosa, Ethiopia’s Abiy Ahmed and Rwanda’s Paul Kagame, is designed to showcase the continent as a stable destination for German investment. International Monetary Fund MD Christine Lagarde is a...