Browsing: Germany

UAE Banks Federation
  • Around 200 countries have agreed on how to run the Climate Loss and Damage Fund to help vulnerable nations address more extreme weather conditions.
  • Germany and the UAE have pledged $100 million each to the climate damages initiative.
  • The World Bank will host the Climate Loss and Damage Fund on a trial basis. 

Around 200 countries have agreed on how to run the Climate Loss and Damage Fund to help vulnerable nations address more extreme weather conditions. Consequently, rich nations have pledged at least $260 million to kickstart the program, making a breakthrough as global climate deliberations opened in Dubai, the United Arab Emirates (UAE).

Delegates at the COP28 summit on Thursday adopted a framework for the World Bank to host the Loss and Damage Fund following months of negotiations. This year’s host, the UAE, indicated it would contribute $100 million, adding another $100 million from Germany. The United Kingdom …

Germany scouts for investments in Tanzania
  • In his business tour, President Steinmeier is leading government officials and investors from over 12 German companies.
  • Tanzania expects to see an increase in trade relations with Germany, which has remains in favour of the European country. 
  • To further cement bilateral ties, German has agreed to return the remains of Tanzanian freedom fighters held in museums in Germany.

Germany’s President, Frank-Walter Steinmeier, is on a three-day state visit to Tanzania. With the high-profile visit, Tanzania expects to see an increase in trade ties with Germany, a relationship that has for decades remained in favour of the European economic giant.

President Steinmeier is leading government officials and investors from over 12 German companies. Tanzania hopes that his visit will serve to strengthen diplomatic, development and bilateral trade relations. Germany and Tanzania have shared a long history given that the later was a colony of the former until 1919.

President Steinmeier pledges

restitution in Africa
  • France is leading Europe in accepting colonial mistakes and returning human remains taken from Africa.
  • Should restitution of African artifacts also include economic compensation?
  • Germany is also agreeing to respond to restitution requests by African countries.

France has once again taken steps to reconcile its patchy colonial ties with Africa, this time championing human remains restitution by returning artifacts, human skulls, bones, and other items of historical value.

These human remains are mostly of great African heroes, who opposed colonial rule in the 17th and 18th centuries. The return of the human remains has been effected by France’s University of Strasbourg. And it is part of an ongoing human remains restitution demanded by several African countries. Most of the latest demands are from Namibia and Tanzania where historic human remains are coming home.

Germany on human remains restitution

In the same vein, Germany is under criticism for failing to …

Mozambique gets grant to advance its renewable energy resources.

The support for the 2023-2028 period takes into account that Mozambique is indicated as at the same time one of the countries most vulnerable to climate change and one of the least developed.

Despite the riches of its subsoil, the initiative foresees studies for the production of green hydrogen in Mozambique, and the Belgian Development Agency will supply solar panels to remote areas without connection to the electricity grid.

The supply of potable water and irrigation solutions based on solar energy is also being planned, the statement adds.

Belgium will also support the implementation of a national programme for sustainable waste management, which includes the construction of recycling facilities in Nacala and Nampula, with additional support from the NAMA Facility, a multi-donor fund.…

Windhoek and Berlin to cooperate on green hydrogen development.

In June, Zawya Projects announced that Namibia had received 25 submissions for pilot projects, from which it plans to select no more than five.

The four projects – the Daures, Namport, Cleanergy, and TransNamib projects – have a combined value of over N$890 million (53,39 million euros), and some of the funds will be sourced by the initiators of the projects. The four projects will be located in the Erongo region, which has been marked as ‘valley 1’ of the envisaged national hydrogen ecosystem.…

Africa remains key in Germany finding an alternative to the Russian oil and gas.

Most African natural gas and oil sources lie in sub-Saharan Africa, including Nigeria, which possesses around one-third of the continent’s reserves, and Tanzania, opportunities Germany should seize.

The proposed Trans-Saharan pipeline would transport gas from Nigeria to Algeria via Niger, traversing a vast, ungoverned area. The proposed pipeline, if built, will connect to the current Galsi, Medgaz, Maghreb-Europe, and Trans-Mediterranean pipelines, which supply Europe from transmission centres on Algeria’s Mediterranean coast.

The Trans-Saharan pipeline would be almost 2,500 miles long. It could send up to 30 billion cubic meters of Nigerian gas to Europe yearly, roughly two-thirds of Germany’s Russian imports in 2021. Unfortunately, the Trans-Saharan pipeline will likely take a decade or more to complete and will face several hurdles as it passes through war and insurgency-ridden areas.…

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According to Deutschland, German companies long concentrated only on South Africa, but this is changing. Over the past eight years, the Association of German Chambers of Commerce and Industry (DIHK) has opened not less than five new branch offices. Apart from South Africa, top investment destinations include Nigeria, Ghana, Angola, Tanzania, and Mozambique.

Alongside their primary business, German companies are also involved in numerous initiatives to support the African economy and combat poverty. Germany’s Mechanical Engineering Industry Association (VDMA) has founded the “Skilled Workers for Africa” initiative in Botswana, Kenya, and Nigeria. Germany’s successful dual vocational training model serves as an example in Africa. At the same time, Germans benefit from collaboration with local partners, who enable them to access new markets. Local shareholders are essential in some countries.

To strengthen their cross-continental network and promote a value and interest-based exchange, Konrad-Adenauer-Stiftung (KAS) and the Hanns-Seidel-Stiftung (HSS) supported by the …

Germany - Africa trade and investment cooperation - The Exchange Africa

Africa trade and investment cooperation,

To drive Africa’s development, available workforce, access to markets and transport, investment and business climate, energy and technological infrastructure have been cited as key factors set to boost the continent.

Africa trade and investment cooperation,

This statement was said by Günter Nooke, the Africa Envoy to German Chancellor Angela Merkel during the “Investment and Trade for Africa’s Economic Development” public webinar co-hosted by the Germany-Africa Business Forum (GABF), Africa Oil & Power and the African Energy Chamber.

The German-African cooperation-focused webinar aims to show opportunities for sustainable Foreign Direct Investment (FDI) between Germany and Africa.

Also Read: Uganda’s trade deficit and exports in 2020

It is the second instalment of the German-African cooperation-focused webinar series which are under the theme of investment and trade for African economic development.

The panel comprised of NJ Ayuk, Executive Chairman of the African Energy Chamber, and Rene Awambeng, …

A Kenyan-German business round-table.

Germany was the first country to recognize Kenya after independence in 1963 creating deep diplomatic relations between the two countries. Since then, the two countries have a retained a warm and cordial tradition of close partnership and relations between them.

Kenya, the East African economic hub has maintained a diplomatic mission in Germany since 1964. The embassy was initially in Bonn, West Germany and later moved to Berlin after Germany’s unification.

Fourth largest source of tourists

There are several thousand Kenyans living permanently in Germany while a number of Germans enjoy Kenya’s hospitality with many of them living in the country especially along the coast.

This is the second visit by a German president after the first by President Heinrich Lauda of then West Germany in 1966. The other high profile visit was by German Chancellor Angela Merkel where she met former President Mwai Kibaki and Prime Minister Raila Odinga

Egypt is Germany’s third-largest trade partner - The Exchange

Egypt is Germany’s third-largest trade partner in the Middle East, with a trade exchange worth $3.6 billion.

According to a report by the Ministry of Trade and Industry, trade between the two countries increased by $43 million during the first nine months of 2019 to $3.622 billion, compared to about $3.579 billion recorded during the same period in 2018.

In 2017, the trade exchange between Egypt and Germany reached its highest level at 5.8 billion euros.

Germany’s total investment in Egypt currently stands at about $7.4 billion across various fields, including construction, industry, tourism, the service sector, agriculture, and information and technology.

In German investment guarantees, Egypt also ranks among the top ten recipients with 18 guarantees worth 1.4 billion euros.

During Mostafa Madbouly, Egyp’st Prime Minister visit to Germany last June, he signed a memorandum of understanding with Bosch to build a factory in an area of 120,000 square …