Less than one week after a German energy multinational, Siemens sealed four-year power development roadmap with the Federal Government, the Germany Africa Business Forum e.V. (GABF), has launched a multi-million Euro funding commitment to invest in German energy startups that focus on Africa.
Business Hilights gathered that the key goal of the group is to strengthen investment ties between Germany and Africa, in collaboration with private partners from the energy industry.
Besides, the launched multi-million Euro funding commitment will invest in German energy startups that focus on Africa as the funding commitment, which pledges funds to German startups with exposure to African energy projects, will be the first such intra-regional initiative.
In a statement, Sebastian Wagner, co-founder of the GABF said “Our initial goal is to support the investment in German companies and to start with funding allocations by the end of this year,” stressing that “Through our partners, we will immediately get involved in investing in solutions-driven German startups with pragmatic business models to solve Africa’s energy challenges through the provision of German technology and innovation.”
Also speaking on the scheme, a pan-African energy dealmaker, CEO of Centurion Law Group and Executive Chairman of the African Energy Chamber (AEC), NJ Ayuk, said “The future of Africa’s energy industry will depend on technology and innovation. When German start-ups and Africans work together, we can build something unique for both our peoples. I applaud the GABF for this well-thought-out initiative. I believe it is in line with the goals of the G20 Compact with Africa, driven by Germany.”
Further details of the deal showed that the scheme, which is anchored in the private sector, will bring together Africa’s foremost executives with German companies, investors and innovators with the aim of driving change.
Founded in 2017 as a “private for privates”, the GABF encourages German investors to consider the African continent as a profitable and important investment destination. Through a series of initiatives, the GABF draws together African business and political leaders with Germany’s preeminent innovators to develop fresh investment concepts that shape German and African business ties, as well as economic thought.