Business association wants to fund Germany-based companies to invest in Africa

A business association wants to lure German start-ups with millions of euros to the African continent. They should benefit from the economic upturn there.

The Germany Africa Business Forum (GABF) wants to promote German energy start-ups with several million euros. This was announced by the private association, which has its offices in Berlin and Johannesburg.

GABF co-founder Sebastian Wagner said: “We […] will invest in solution-oriented German start-ups to use pragmatic approaches to solve Africa’s energy challenges by providing German technology and innovation.” He wants investments to begin by the end of 2019. Start-ups could apply from now for funding with their business plan.

Supporter of the initiative is the CEO of the African law firm NJ Ayuk. “The future of the African energy industry will be fuelled by technology and innovation,” Nj Ayuk, an energy legal expert said. The GABF efforts are in line with the goals of the “G20 Compact with Africa”.

Last year, the German government launched the G20 initiative to improve the investment climate in Africa.

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GABF, founded in 2017, “brings African leaders together with German companies, investors and innovators to drive economic change on the continent”.

There are a number of German energy start-ups operating in Africa. For example, the Berlin-based company Mobisol sells photovoltaic systems in Central and East Africa so that people without access to the conventional power grid can generate their own electricity. The Berlin start-up Solarworx is also addressing the problem of the lack of electricity supply with solar power systems and wants to benefit from the economic upturn in Cameroon and Senegal. // by Sola Jolaoso

Find more information about the funding scheme here
For more information about GABF, visit: http://germanyafrica.com/