The Germany Africa Business Forum (GABF) whose goal is to strengthen investment ties between Germany and Africa, has announced that it has, in collaboration with private partners from the energy industry, launched a multi-million Euro funding commitment to invest in German energy startups that focus on Africa.
The funding commitment, which pledges funds to German startups with exposure to African energy projects, will be the first of such intra-regional initiative.
“Our initial goal is to support the investment in German companies and to start with funding allocations by the end of this year”, Mr Sebastian Wagner, co-founder of the GABF said in a statement copied to energynewsafrica.com.
“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”, he added.
“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 theG20 Compact with Africa, driven by Germany”, stated NJ Ayuk, a pan-African energy dealmaker, CEO of Centurion Law Group and Executive Chairman of the African Energy Chamber, a supporter of the initiative.
Anchored in the private sector, the GABF brings 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.