President Obama promoted his new, multi-billion dollar “Power Africa” initiative to expand electricity access in Africa during his recent visit to Africa, calling it a benefit to Africans and the U.S. alike.
The President said it is a win for the United States because the investments made in Africa, including in cleaner energy, means more exports for the U.S. and more jobs in the U.S
According to reports, Power Africa has identified six initial partner countries – Ethiopia, Ghana, Kenya, Liberia, Nigeria and Tanzania – all of which “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.
Power Africa will bring to bear a wide range of U.S. government tools to support investment in Africa’s energy sector. From policy and regulatory best practices, to pre-feasibility support and capacity building, to long-term financing, insurance, guarantees, credit enhancements and technical assistance Power Africa will provide coordinated support to help African partners expand their generation capacity and access.
The United States will commit more than $7 billion in financial support over the next five years to this effort, and will partner with the private sector, who themselves have committed more than $9 billion in investment.
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