In a bid to narrow the gap between the rich and poor, a key to avoiding a destructive rise in populism, as described by Germany Finance Minister, Wolfgang Schaeuble on Saturday, the country has 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 on sustainable growth,” he said in Washington.
During the Global Infrastructure Forum at the Inter-American Development, Bank he disclosed that they are already seeing it in some parts of the world.
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 on sustainable growth.
He reiterated that Germany which holds the presidency of the G20 group of nations is pushing a plan to have Africa nations partner with certain G20 countries and international lenders, such as the World Bank, to attract other investors into the continent.
He noted that the first stage of the proposal tagged “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,” he added said.