German Finance Minister Wolfgang Schaeuble said on Saturday that narrowing the gap between the rich and the poor was necessary to avoid a devastating growth of populism while talking about a plan to increase private investment in Africa.
“If we do nothing to change that, we can expect growth of the populist parties, the daims and the instability around the world,” he said in a speech in Washington.
“We are already seeing this in some parts of the world,” he said at a forum on global infrastructure at the Inter-American Development Bank.
Schaeuble is participating in the spring meetings of the International Monetary Fund and the World Bank.
He said Germany, which heads the G-20, is pushing for a plan to make African countries partners with specific countries members of the group and with international lenders such as the World Bank to attract investors from outside the African continent.
The first phase of the proposal is to focus on Rwanda, Senegal, Tunisia, Morocco and Ivory Coast.
“If we want to ensure long-term stability and security, we must continue to bridge the wealth gap between rich and poor countries in this world, especially on the African continent,” he said.