On 12-13 June 2017, the German G20 Presidency gathered together Heads of States and Ministers of African countries, Ministers and Deputies of interested G20 and other partner countries, Heads and representatives of International Organisations, private sector investors, and experts on Africa to strengthen the dialogue and partnership between African and G20 decision-makers. Central to the conference was the G20 finance track initiative, Compact with Africa, which aims to increase private investment, including in infrastructure, in Africa.
Africa has tremendous potential, being the youngest continent in the world. By 2035, more than half of young people entering the global labour market will be in Africa. This offers a promise of more jobs, higher incomes, and greater prosperity going forward. However, Africa faces challenges to reaching this potential, keeping the poor and giving rise to greater political and economic instability, migration pressures, violence, and terrorism.
Sharing a common objective of a stable and dynamic continent, Africa and the rest of the international community agreed that a partnership is necessary. The conference highlighted the key elements of the Compact with Africa initiative: (1) a demand-driven and open process that emphasizes African ownership; (2) a closer dialogue and better coordination among all stakeholders; and (3) collective action, building on strong commitments from all sides to create the right framework conditions for private investment.
The official website for the Compact with Africa initiative was launched during the conference. https://www.compactwithafrica.org