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"Hermes" programme

More export credit guarantees for Africa

Solar panels in Africa

11.12.2014 |

Berlin – The German government has expanded the scope for "Hermes" export credit guarantees for German exports to countries in sub-Saharan Africa. From now on, goods and services for public purchasers in Nigeria, Ghana, Ethiopia, Mozambique and Tanzania can be covered by German government export credit guarantees under the "Hermes" programme.

Development Minister Gerd Müller noted, "Africa is a continent of opportunity with a young and growing population, a continent with enormous potential, a wealth of natural resources and fertile land. German companies should seize these opportunities and, following today's decision, further increase their responsible business activities in Africa. In that way, they can make an important contribution to sustainable development on our neighbouring continent and simultaneously tap growing markets of the future."

The German government's export credit guarantees are not only important for German exporters but also for the purchasing countries. The guarantees help less developed countries to import the latest technologies from industrialised countries, to finance and implement infrastructure projects and, thus, to put in place a basis for economic development. For instance, there is great potential in the area of renewable energy. Germany has cutting-edge technology to offer in this field.

Notwithstanding all challenges, Africa has developed in a very positive way over the past few years. The continent is one of the regions with the highest growth rates in the world. Six of the world's ten fastest-growing economies are in Africa. Experts expect growth rates in sub-Saharan Africa to average about 6 per cent over the coming years.

Africa is the priority continent for German development policy. More than 50 per cent of Germany's bilateral development cooperation funding goes to African countries. The gradual expansion of Hermes coverage for German enterprises in sub-Saharan Africa is an important contribution to the implementation of the Federal Government Policy Guidelines for Africa and, in particular, of the new BMZ policy on Africa.

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