The German government pledged to invest 4 billion euros ($4.37 billion) in African green energy projects until 2030, with Chancellor Olaf Scholz saying that countries in Africa should benefit more from their wealth of raw materials.

He also stated that “Africa is our partner of choice when it comes to intensifying our economic relations and moving toward a climate-neutral future together”.

The 4 billion euros would be channeled into the common EU-Africa Initiative for Green Energy. The European Union had already announced it would deliver it 3.4 billion euros in grants.

The announcement was made during a conference on the G20 Compact with Africa summit which took place in Berlin. German trade with Africa was 60 billion euros ($65.4 billion) last year, which is a fraction of its trade with Asia but up 21.7% on 2021.