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0:03
Based on the incredible energy in this room I've never been more optimistic
0:08
about Africa's future and I know that President Obama and Secretary Pritzker
0:12
feel the same way.
0:13
The Secretary deserves an enormous amount of credit for her leadership in
0:17
pulling this conference together.
0:19
And it is now my pleasure to turn the floor
0:22
over to her.
0:23
What is clear is that this is the beginning
0:26
not the end. Every day it is my great honor to serve
0:31
as America's Chief Commercial Officer working with the business leaders and
0:36
public officials in this room
0:38
to secure a broadly shared prosperity
0:42
on both sides of the Atlantic. That's what this is all about
0:46
channeling our energy and our enthusiasm
0:50
to spur growth in the United States and the countries of Africa
0:55
now and long into the future.
0:58
So today I'm very pleased to announce
1:01
that the World Bank Group following
1:04
President Obama's lead will support Power Africa
1:08
by committing 5 billion dollars in direct financing,
1:13
investment guarantees, in advisory services.
1:18
For project preparation
1:21
in Power Africa 6 initial partner countries that's
1:25
Ethiopia, Ghana, Kenya, Liberia, Nigeria,
1:28
and Tanzania.
1:29
Let me give you a little bit of background on this loan
1:32
it will support the design and construction
1:35
operation and maintenance of the Azura-Edo power plant. This is a 460
1:41
megawatt natural gas power plant, an independent power plant facility
1:45
in Nigeria. The first such independent power project
1:49
in Nigeria in 10 years.
1:51
We all know what makes Africa such an extraordinary
1:54
opportunity
1:55
some of the fastest growing economies in the world,
1:59
a growing middle class, expanding sectors like manufacturing and retail,
2:05
one of the fastest growing telecommunications markets
2:08
in the world, more governments are reforming
2:13
attracting a record level a foreign investment, it is the
2:19
youngest and fastest-growing continent with young people that are full of dreams and
2:23
ambition.
2:23
As Faith Mangope
2:26
one of the Mandela fellows told other young African leaders
2:30
and President Obama just this past week,
2:34
and I quote, "Africa is no longer
2:38
a sleeping giant but is awake and
2:41
open for business." With the leadership in this room
2:45
we will keep the US-Africa economic partnership
2:49
open for more growth and success.
2:52
We will keep the United States and Africa
2:55
open for business.