Siemens releases $1.1bn power investment plan in Africa
Siemens has released a $1.1 billion investment plan to build electricity networks in Africa over the coming years.
The Siemens Chief Executive, Joe Kaeser, who made this known at the World Economic Forum on Africa in the South African city of Durban, added that “it is now time to raise the entire Africa concept to a new level.”
Kaeser thereafter signed declarations of intention with Uganda and Sudan on planned projects in the electricity industry, transport and health sectors.
He said “the investments will help to fill gaps in infrastructure and to step up the industrialisation of the continent. Our goal is to double business in Africa by 2020 to more than three billion Euros.”
Germany’s Economy Minister, Brigitte Zypries noted that Africa offered the German economy “great possibilities”.
On his part, the German Finance Minister, Wolfgang Schaeuble, tasked the international community to step up economic cooperation with Africa, stressing that a new partnership with the G20 countries could draw more investments to the continent.
“We know that Africa is in a globalised world, one of the biggest geopolitical risks for the growth and stability of the world economy.
“If Africa is not stabilised to some extent, we in Europe will have problems that will be difficult to control,” Schaeuble said.
The minister termed Africa’s hunger disasters and waves of refugees as “an extraordinary challenge for the entire civilised humanity.
He added that “Cooperation with the G20 can help African countries to adopt reforms that will help them to attract private investment, especially in infrastructure. Concrete details have already been discussed with Rwanda, Morocco, Tunisia, Ivory Coast and Senegal.’’
The initiative, he said was expected to continue running even after Germany’s G20 presidency had ended on Nov. 30.
The G20 comprises 19 countries and the EU and the countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK and the U.S.
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