Nigeria, others to benefit from Obama’s $7billion power largesse
Wednesday, July 3, 2013
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Nigeria, Ethiopia, Kenya, Liberia, Tanzania,
Uganda and Mozambique are seven countries to benefit from the United States from
the preliminary setup to help combat frequent power blackouts in sub-Saharan
Africa.
U.S. President Barack Obama stated
on Sunday that funds from the initiative, dubbed Power Africa will be
distributed over the next five years. Obama made the announcement during his trip to South Africa the continent's biggest economy.
"Access to electricity is
fundamental to opportunity in this age. It's the light that children study by,
the energy that allows an idea to be transformed into a real business. It's the
lifeline for families to meet their most basic needs, and it's the connection
that's needed to plug Africa into the grid of the global economy," he
said.
Two-thirds of the population of
sub-Saharan Africa lacks access to
"A
light where currently there is darkness -- the energy to lift people out of
poverty -- that's what opportunity looks like," Obama told students at
Cape Town University. "So this is America's vision: a partnership with
Africa for growth, and the potential for every citizen, not just a few at the
top."
The program includes $1.5 billion
from the U.S. Overseas Private Investment Corporation and $5 billion from the Export-Import
Bank, the White House said. Sub-Saharan Africa will need more than $300 billion
to achieve universal electricity access by 2030, it said.
"These countries have set
ambitious goals in electric power generation, and are making the utility and
energy sector reforms to pave the way for investment and growth," a White
House statement said.
Obama's three-nation African trip
started in Senegal and is aimed at bolster U.S. investment opportunities,
address development issues such as food security and health, and promote
democracy.
It comes as China aggressively
engages the continent, pouring billions of dollars into it and replacing the
United States as Africa's largest trading partner.
However, he urged African officials
to ensure that those who invest in the continent and its natural resources
benefit Africans in terms of jobs and other assets.
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