The building of Volkswagen Mobility Solutions Rwanda. (picture alliance / Friso Gentsch/archive)
German companies are aiming to invest more than 1 billion euros (1.16 billion dollars) in Africa this year, a success that would increase the investment portfolio by more than 10 per cent in just one year. "We see a clearly growing investment and trade activity with our neighbouring continent," said Stefan Liebing, the head of the German-African Business Association.
"The current success also has to do with the fact that the government recently facilitated the conditions for export credit guarantees for a number of African states," said Liebing. "That has an effect. Numerous projects can be realized as a result."
The volume of exports covered by insurance for Africa doubled in the first six months of the year to 1.09 billion euros (1.26 billion dollars) and is therefore already higher than the figure for all of last year.
German carmaker Volkswagen opened an assembly plant in the Rwandan capital Kigali in June, and German company Gauff Engineering has partnered with a Chinese firm in Mozambique's capital Maputo on the longest suspension bridge in Africa.
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