German amb.: Egypt's chairmanship of AU to encourage initiatives to support African economy

CAIRO, Nov 18 (MENA) - German Ambassador to Egypt Cyrill Nunn underlined the depth of the Egyptian-German ties and that Egypt's chairmanship of the African Union will contribute to launching initiatives supporting the African economies.

In statements on Monday, Nunn voiced hope that meetings of G20 Compact with Africa (CwA) - due to be held on Tuesday and Wednesday - will come up with new projects that will serve interests of all parties.

A report of the International Finance Corporation said that although international foreign direct investments (FDIs) receded by 13 percent in 2018, Africa managed to lure FDIs at dlrs 46 billion at about 11 percent rise in 2018.

Egypt had the lion's share of investments over the past 12 months, the report said, noting that Egypt and Morocco adopted measures to promote economic stability and encourage investments.

G20 investments represented the largest investment inflow to Africa states over the past five years, the report said, noting that investments hit over dlrs 57 billion.

Germany launched the G20 Compact with Africa (CwA) to boost private investments in Africa.

Within this context, Germany earmarked dlrs 15 million to support International Monetary Fund (IMF) activities in Africa