Germany pushes plan to boost private investment in Africa | Reuters

WASHINGTON Narrowing the gap between rich and poor is key to avoiding a destructive rise in populism, German Finance Minister Wolfgang Schaeuble said on Saturday as he laid out a plan to boost private investment in Africa."If we do nothing to change this, we can expect a rise in populist parties and demagogues, and a rise in instability around the world, with all its negative effects for sustainable growth", he said in a speech in Washington.

"We are seeing it already in some parts of the world," he said during the Global Infrastructure Forum at the Inter-American Development Bank. Schaeuble is among the officials attending the IMF and World Bank spring meetings this week.

He said Germany, which holds the presidency of the G20 group of nations, is pushing a plan to have African nations partner with certain G20 countries and international lenders, such as the World Bank, to attract outside investors to the continent.

The first stage of the proposal, dubbed "Compact with Africa," would focus on Rwanda, Senegal, Tunisia, Morocco and Ivory Coast."If we want to ensure long-term stability and security, we have to continue to reduce the gap in wealth between the rich countries and the poor countries of this world, especially on the African continent", Schaeuble said. (Reporting by Gernot Heller; Editing by Paul Simao)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Apr 23, 2017 00:00 AM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'

Also See