Germany, which championed the partnership under its G8 presidency, stressed that by strengthening African financial systems, the new effort would support economic growth, job creation and poverty reduction.
Heidemarie Wieczorek-Zeul, Federal German Minister for Economic Cooperation and Development , said, “economic development is only possible if there is a thriving financial sector which accords both men and women access to appropriate financial services, enabling them to save, while allowing businesses to invest and create lasting employment.”
She added that “the lack of financial services is one of the main obstacles to private sector development in Africa.”
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