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AfDB Annual Meetings: Creating a conducive environment for private sector investment
Bärbel Kofler, Parliamentary State Secretary, Germany spoke to CNBC Africa’s Kenneth Igbomor on the side-lines of the 58th Annual Meetings of the AfDB in Egypt.
Thu, 25 May 2023 11:50:05 GMT
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AI Generated Summary
- The importance of mobilizing private financing for climate and green growth in Africa
- Germany's role in supporting the African Development Bank and prioritizing renewable energy and sustainable development in Africa
- The need for an enabling environment, stable commitments, and public-private partnerships to attract private sector investment in sustainable projects
German Parliamentary State Secretary, Bärbel Kofler, highlighted the importance of mobilizing private financing for climate and green growth at the 58th Annual Meetings of the African Development Bank (AfDB) in Egypt. Kofler emphasized the need for joint efforts, both public and private, to address climate change challenges, especially in vulnerable regions like Africa. She discussed Germany's role in supporting the AfDB and prioritizing sustainable development in Africa. Kofler underscored the significance of collaboration in tackling global challenges such as the pandemic, conflict, debt crises, and climate change, emphasizing that no single nation can solve these issues alone. Germany is committed to promoting renewable energies and partnering with African countries in their energy transition journey, focusing on sustainable solutions and industrialization. The enabling environment for private sector investment, stability, long-term commitments, and bankable projects were highlighted as crucial factors to attract institutional investors. Public-private partnerships were seen as essential for leveraging new technologies and bringing innovative solutions to the market. Kofler shared Germany's commitment to energy and climate partnerships with African countries, aiming to support the continent's transition towards renewable energy sources. Overcoming reliance on fossil fuels and transitioning to sustainable energy systems were among Germany's key priorities for development in Africa. The partnership between Germany and Africa in promoting renewable energy and sustainable development signifies a shared commitment to addressing climate challenges and fostering economic growth on the continent.
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