The German-African Business Summit (GABS) took place in Nairobi, Kenya, from December 2nd to 4th, 2024. This event brought together 900 representatives from both the private and public sectors of Germany and Africa. The summit focused on strengthening collaborations in agro-processing, renewable energies, vocational training, and raw materials cooperation.
Andrea Hauser from KfW Development Bank expressed her satisfaction with the summit: “We at KfW Development Bank are delighted to be part of this year's GABS in Nairobi. At this event connections are made and the spirit of collaboration and innovation between business and government leaders is furthered, which is crucial for sustainable development - in Europe as well as in Africa.”
Belgin Rudack of KfW IPEX-Bank highlighted their commitment: “Supporting German companies abroad is in the DNA of KfW IPEX-Bank. We are therefore proud to be part of the German African Business Summit this year to further strengthen our business relationships in Africa.”
Thorsten Metz also emphasized KfW's role: “All three entities of KfW that are active in Africa have been acting as One Bank to support both German companies abroad and local economies in Africa. We as KfW IPEX-Bank are ready to finance European companies with tailor-made financings for their exports and investments in such sectors as infrastructure, mobility and mining in Africa.”
Barbara v. Toll from DEG spoke about financial instruments: “The GABS has shown more than ever that the business relationships between Germany and Africa are of utmost importance to both sides. DEG has been an active player to strengthen these given our wide offer of long-term financing and support programs to German as well as African companies.” She also introduced new initiatives like the Partners in Transformation desk.
Finance was a key topic at the summit, with discussions on how risk perception changes can improve financing mechanisms for African-German business relations. Barbara v. Toll participated in a panel discussing tailored financing instruments suited for African realities.
Future energy prospects were another focus area at GABS, particularly green hydrogen production using renewable resources like geothermal, wind, and solar energy available across Africa. Dr. Andrea Hauser represented KfW Development Bank at an energy panel where she noted the significance of green hydrogen for global decarbonization.
Kenya was highlighted as a leader in green energy efforts on the continent. The country aims to achieve its "Vision 2030" goal by generating all electricity from clean sources by that year. To aid this vision, KfW Development Bank supports geothermal power projects with significant financial backing.
DEG has also arranged substantial long-term financing for renewable energy producers within Kenya’s geothermal, wind, and solar sectors, supporting approximately 500 MW of renewable energy production.