plague, t.b., like aids is being vanquished. so it is this solidarity of the international community that we are requesting. to support the victims. >> go here first. go ahead. either way. you decide. >> thank you. thank you. let me compliment what my brother just said, but in a different way. i think even threw the partnership like this one, provided by the opportunity of this summit africa needs -- we need to continue building our capacities and strengthening our institutions, to enable us to avoid over dependency that has been there for too long. but we avoided that by building capacities and cooperation and integration. people working together. so that we are able to own up to

our mistakes, to our weaknesses. and own up to our solutions and contributing to our solutions. so that we can even tell our story. you find we even depend on others to tell our story. so that's how destruction has come about. so i really think there's not much time to waste as time goes with africa, in terms of building this consensus, this working together, this owning up so that we cooperate and partner with others rather than being too dependent on them. so this is an opportunity we have to leverage this partnership and to address that particular problem. >> thank you very much indeed. firstly, i would like to agree with my brothers that let's take

ebola as a disease that is affecting humanity. rather than just to look at it as an african problem. fortunately, i said earlier africa is organizing itself. even the health organization's continentally are working together. that's why we're confident that this time around, we are working together to address this problem of ebola.

but i must also say that it's an unfortunate thing that africa is imported in an important way. at times out of perceptions. even countries that are fighting corruption, the very fact that they're fighting corruption is a story that there's more corruptions in those countries. that's a problem you have. africa is organized better. we discussed many of these issues together in the a.u., in the manner that is far better than 20 years ago. we share everything together. we take common resolutions where we say let us deal with this challenge that faces us today. earlier i mentioned for an example the infrastructure that we together agree there's no debate about it. it's a question of dealing with it. and then showing that africa operates better. there are things that are not

important about the continent. there is an instrument for an example that we have. peer review mechanisms. nobody is talking about this globally. it's a unique instrument where countries in the continent subject themselves to their peers to review them, look at them. they first submit reports and it

is discussed in the a.u. forums, to criticize if there are things to criticize in the manner in which countries have been run. and there isn't such an instrument, it's only found in africa. should that be the problem of the continent? i think it is important for people to look at africa and see that africa is changing. there's a good story that's coming out of the continent in terms of working together. in terms of understanding our problems. instead of in the point of owning up to what in the past could have been mistakes. today, i think we stand a better chance as the countries in the continent to better ourselves. we appreciate this opportunity because we are then in the position to tell our own story rather than people telling the story on us. >> exactly. yeah. >> today i spoke i think at the

national press club. that was an event i was invited. one of the things i said is that the africa of today is not the africa of yesterday or the day before yesterday. africa has changed. african economy, there is --

they're performing better today. six of the ten fastest growing economies are in africa. between 2011 and 2015, the fastest economies are in africa. why are we there? because of pursuit of sound economic policies. also the pursuit of sound political policies. there is -- democracy has taken root. governance is -- is enshrined. there is stronger commitment now to fight vices in society. corruption. drug trafficking, drug abuse. whatever. there is more respect for human rights. there are fewer conflicts on the continent today. that does not mean -- except of course there are a few hot spots. when you look today, what is happening, the conflict areas in africa they don't compare. so i said unfortunately, this is the good story which is not being told. so i was appealing to those journalists, please, tell the other story. but i was giving the same example, now it's ebola. so the whole of the african continent is being perceived as if everywhere everybody is suffering from ebola. >> i don't think that's true. that's not true. i don't think. i think there's some concern about -- >> no, no. i'm not saying that -- but this

is the perception, so if there is a problem -- so when is africa going to get out of this of being perceived if there's a problem. i said africa is a continent. there are 54 countries. they are different. in terms of particular situations. so until we get to the situation where africa would be seen in the 54 countries that exist, we won't get out of this. >> okay, i have one final question. to the final question, we are out of time and over time, but you raised a question of security. i mean, there is some concern about security. we do read about highly publicized stores. boko haram and 200 children.

we know about sometimes the absence of respect for boundaries. what do any of you want to say about security in africa today as part of the message you want to convey to this audience here? anyone. >> africa is more secure today than many years ago. if i may mention the problem areas. you have somalia which used to have a huge conflict. now the situation is much better. but al shabab has been

eliminated so from time to time there are struggles. so from time to time, they ignite a bomb there. you have a problem in -- in the food, the situation is much more under control now than in the past. but you see the situation is much better now than what it was in the past. which other conflict area? >> anyone else? >> we're finished. >> we still have huge problems -- >> yeah.

>> -- in africa, i'm sorry, we still have huge problems in central africa. we still have a huge problem in sudan you know, where people are starving. there was a terrible situation in sudan. we have a terrible situation also in the northern part of mali. africa of course is much more secure than before, but we are still facing a challenge. an important challenge in the matter of security. we have to work together as africa. you know, this is what we're trying to do about the problems of libya. you know, about all the countries around libya to secure this country together. we have to face the problems and we have to work together. we have to -- yes, we have this problem, but we are able to control it and we're going to control it. just to give this business community what it needs more, security and stability. >> yes, go ahead. this will be the last -- >> thank you very much. >> thank you. >> no, i wanted to say that we reached a stage in africa where almost you could count a few problematic areas. i think what has influenced particularly in northern africa has been the arab spring that affected the arab countries in the north. but what has become an important factor, we have discussed this as leaders. you have countries that have volunteered to establish an instrument -- an instrument which we're working on, in two months time. by october, we'll be launching it. so that we have taken the

principle of african problems and african solutions. we are now on the basis of that taken a decision that is not going to allow any -- in the continent. we are taking this upon ourselves. i think that is an important story that the world should know. >> thank you. thank you. on behalf of everyone, this audience, i appreciate your enthusiasm. but i especially appreciate the summit on africa that we hear from africans and african leaders and you have given that to us and i thank each of you and the president i'm sure will convey the same sense of appreciation when he comes. but thank you again and thank each of you. >> as a big continent, it must

be given better time to explain ourselves. >> thank you. . c-span's coverage begins with a debate. it's the first and possibly only debate between the candidates. after recent polling listed the race a solid democrat. you can watch it at 8:00 p.m. eastern on c-span. wednesday, more campaign coverage with the louisiana senate debate between mary lan droe and bill cassidy. louisiana has an open prime while congress is in recess air this month, c-span's primetime y system in which all candidates run for an office against each other with the majority winning the election. if a candidate fails to get 50% of a vote, a runoff will take place. can you watch wednesday's debate live at 8:00 p.m. eastern on c-span. you can also post your comments on facebook and twitter.

right after that, a main senate debate twen susan collins and a democrat. that starts at 9:00 p.m. eastern, also on c-span. >> the 2015 c-span student cam video competition is underway. open to all middle and high school students to create a ato 7 minute documentary on the theme the three branches and you, showing how a policy, law, or action by the executive, judicial branch of the federal government affected you or your community. there are 200 kas prizes for students and teachers totaling $1,000. for a list of rules go, to student cam.org. >> in august, treasury secretary jack lou spoke at this year's u.s.-africa summit hosted by the obama administration. after his comments a panel of financial executives discussed investment opportunities in africa for about 50 minutes.

>> good morning. it's a pleasure to join my colleagues and welcoming everyone to washington, d.c. we have business leaders and entrepreneurs from across africa and the united states here. i want to thank all of you for joining us to day. i also want to thank all the people at bloomberg and the commerce department who made today's forum possible. right now africa is undergoing a swift and dramatic trance formation. africa is the second growing, fastest growing region in the world and home to six of the ten fastest growing economies. this growth reflects the hard work africans have done to lay a solid economic foundation that supports investment. the potential for ties offer tremendous opportunities for the people of our two continents. before talking more about investment in after kashgs let me say a few words about the

u.s. economy. recent data dmot straight that the growing strength of the economy is continuing. we saw strong gdp growth and our kple is 6.6% larger than when the recession began in 2007. our private sector created nearly 10 million new jobs over the past 53 months. we're now in a six month stretch with at least 200,000 new jobs each month. the first time that this has happened since 1997 chlt they had done 4 million. if they are charging 200, $250 a case. that is a lot of money to go out

we produce more oil at home than we import and we're now the world's leading producer of petroleum and natural gas. with the affordable care act in place, health care costs have risen at the lowest rate in nearly 50 years. and our budget deficit has been cut by more than half. private sector economists expect this trend to continue with strong growth and second half of the year and through the end of 2015. nonetheless, despite the substantial progress, millions of americans continue to struggle. unemployment is still too high and far too many families this does not feel like a recovery. the president put forward a number of initiatives that would accelerate growth, propel job creation and expand opportunity. these include common sense ideas like building our infrastructure for the long term and raising the minimum wage. and the treasury department, we're helping to meet the president's goal of strengthening working families whether help foster broad based

pros xpart and keep taking steps so our economy it kin making strides. for example, treasury is working with the department of housing and urban development. all told, thanks to the decisions that this administration has made in the determination and resilience of america's workers and businesses. the united states has recovered faster than most any other advanced economy in the world. and that's why according to the imf, the united states is a primary driver of global growth. and this is good news beyond our borders, especially in africa, because expanding global economy provides opportunities for african companies and it gives investors aren't world confidence to look at new markets including africa. of course, with a young, dynamic population and a virgining private sector, africa is a invite will amarket for foreign investors. that's why we're here today. we want to drive more u.s.

investment in after kashgs increase trade between africa and the united states and spur job creation both here and in africa. in a few moments, you'll hear from a panel of experts about different approaches we can take to deepen the financial services sector, improve investor confidence and unlock access to capital markets. the fact is to expand growth and attract greater investment, they need to develop more open, secure, and competitive capital markets that can provide access to financialing for government's businesses and families. because of strong macroeconomic fundmental, african companies are expanding access to international capital markets. they attracted $50 billion in capital inflows and to retain and build on the success, africa needs to pursue further economic and governance reforms while building a more welcoming and predictable investment climate.

as president obama said, governments more open and transparent, respect citizen rights and abide by the rule of law grow faster and draw more investments than those who don't. the challenge is head to to build transparent markets in financial sectors. as everyone here knows, financing is critical to building africa's infrastructure to fueling the next wave of entrepreneurs and to improving the standard of living for families across the continent. the point is open capital markets are vital to channeling savings and investment and provide safe opportunities for african investme in. ts in africa. we must also bear in mind the need to protect our financial system from terrorists, money launderers, corrupt officials and other criminals. we look forward to continued and growing cooperation in this important work to promote both economic and national security.

i'm pleased that african development bank president is with us for this session. the united states is working closely with the african development bank to attract private investment as part of president obama's power africa initiative which will bring reliable electronic to 20 million homes and businesses. to meet this goal, we need strong capital markets that attract long term investors. in closing, let me say that united states and our partners want our relationship with africa to be defined by our shared economy interests. to play a part in africa's success, we must invest in roads, bridges and power lines. we must provide training and support for young entrepreneurs. and we must improve access to capital for small businesses and manufacturers. by strengthening our economic ties with africa, we can fuel growth, alleviate poverty, and foster stability. and now i want to turn the

session over to the president for what i know will be a valuable discussion. thank you all very much. >> ladies and gentlemen, please welcome to the stage, chairman as holdings limited mr. tony o. olimali. president and chief executive officer mastercard. chief executive officer and managing director equity bank group. founder and chairman foundation and founder. joint chief executive standard bank, mr. sim chabalala. co-founder and co-chief executive officer mr. david rubenstein. and our moderator, president,

african development bank, dr. donald kabarukah. >> good morning. i want to thank secretary of state for the kind words and for welcoming us here. we have the easiest subject which is finance. of course. i do have good panel of men here. and today we'll just talk about what does it take to get more financial flows into the african continent? pension funds todays ago here saying money is not the issue. the issue is what invest the money. and this morning everyone says africa is the place to be. so i wouldn't to begin with you.

i recall meeting you in my office when you are lunching in africa. you and i had a conversation. you said to me, look, begin with south africa and nigeria. then i say how has it gone for you? well, first i want to thank you for your support. i was in your office, you know, i was starting to raise our fund. it was not easy to convince people to give money to a firm like ours to invest in africa. we didn't have a real track record there. when you try to raise a country fund or continent fund, people outside the continent say if you're so good, how come nobody in the continent will give you money? you always want to get money initially from people there and the african development bank.

my industry is called private equity. it is the fastest growing service. it went from $3 billion under management to $3.5 trillion. even today of all the money invested in the world, about 1% of the money invested in private equity is invested in africa. so the appeal of africa to us is aside from the fact that we all know high growth rates, young demographics, governments that don't have big debts largely as compared to the west and lots of other good features in terms of the middle class growth. but there is a small figure in terms of penetration rates. we often measure the penetration rate of private equity and how much else is being done there. typically we like to go where there isn't a large penetration rate. that means there isn't that much competition. i don't like to talk about markets we're going into.

doin want the competitors to come into the markets. i want them to get there before they get there. there is a difference in africa. in africa, you need to have a private equity infrastructure. you need to have other girmz doing this. you have to convince the sellers of assets, finance years of assets, the people in the financial service industry that this is a worth while undertaking. that's what is going on now in terms of our efforts, other firms efforts as well. we think the industry will take off in africa and we think the growth rate in private africa will be greater than it will be in any other part of the world. it's not easy to get control of assets. it's not easy to make the changes we want. but ut ultimately, what we try to do is make companies more efficient. we make companies for efficient, kmz are more productive. we're going g. for people living in the area. that's our mission is to make companies for productive, get a good return for investors like the african development bank

eastern all the others that invested with us. in the end, it's a mission to make companies more efficient and to make economies more efficient. that's what private equity vaely about. xwl zbl so american investors are thinking africa is risky. you have other things. you have been there now for six, seven years. what do you say to them? >> well, any emerging market by definition is going to be somewhat riskier that the united states. but the theory is that if you take greater ris income business you're likely to get greater rewarts. the reason that we and other firms are investing in emerging markets so-called is because the higher growth rates, the lower penetration rate of private equity and opportunities to get younger companies and have them grow. yes, there are risks in africa. there are risks in all merging markets. there are risks in the united states as well. often the ris income united states is considerable also.

i don't want to make it sound like africa there is no risk and we're not worried about them. we're very cautious. we think the opportunities there are far greater than people thought years ago. and the great explosion in private equity, if it's going to occur anywhere around the world is going to be in africa, particularly subsa herian africa. the penetration rate is about one 12th or so what it is in the united states. >> thank you so much. >> you come from africa's largest economy. you lead one of the large ert h.est banks. yesterday i was speaking to a large investor about your country. and he has issues. i disagreed with him. he does issues nonetheless. you want you to speak to that particular investor. and give him or her a short answer. that is things going the right direction. but number two, i want you to

share us with your experience investing outside your own country, in african gun riz. >> sure, i say to the investors, let's look at the character of the country. as you say to anybody borrowing money if from us. look at the constitution. it's the best tugss in the world. it's got one of the most sophisticated bill of rights. and so in that constitution that first, second and third generation rights when are respected in that country. i say secondly, look at the rule of law. it is a country which respects rule of law. look at property rights. the property rights are well entrenched and well respected. i say look at the tratic structures and democratic processes. they've been orderly lections since the advent of democracy. strong organs of civil society. there is a strong judiciary and there is a very strong and independent central bank.

so the character of this borrower is great. i would say yes there are issues. there are service delivery protests. there are strikes. but those are illustrative of a healthy democracy and also illustrative of a healthy competition. and so this borrow of yours will have the willingness to pay you. i'd say they also have the ability to pay you. look at their financial management. they're debt to gdp ratio is low. they collect their funds so they have the cash flows to repay you and obligations. look at their balance sheets and they are strong. this is a borrower with impeccable credentials. >> as you extended to be on the border further north, we were talking about integration and things are not working the way they should. what you have learned?

what can be done differently? >> the standard bank existed under the same name since october 1962. it is represented in 20 countries on the african continent. it is the largest financial institution on the african continent by market capitalization and by assets. it employs over 42,000 people throughout the couldn't nent. we learned a lot. we learned a lot by doing, i'd say you find varying degrees of financial population. most jurisdictionses have banking as a form of mediation. they savers safe and borrowers boer row. as a consequence, you've seen increasing deepening of capital

markets. there are more stock xhafrps rising. bonds are issues. ken why just the other day raised very innovative europeeo in shows ut deepening of the financial system. from a banker's perspective, there is a great deal of competition. you've got domestic banks. you have regional banks, my friend tony was a fierce competitor of as you at uva. they have a regional strategy and they're a nuisance wherever we find them. fiercely competitive. and lastly, i would say increasing discipline in regulation, increasing supervision and better supervision. and that is actually been reflected in the risk premiums that are attributable to the countries where we operate. >> thank you so much. >> now let's clarify. you're not here as an activist. you're here as a businessman. >> some ask the question, is a

bern person? a pioneer in the telecommunications industry. you went where others feared to go. and i made a lot of money in the process. good for you. tell investors here what is your secret? if you want to live in secrets, what has to be done to ensure that success in the telecom industry is power and good business and instra structure. what do we take? >> i promise to be well mannered and behaved. >> i think, of course, to start with, you really need to do your home work. like any investment anywhere. you need to do your home work.

really before you go in. secondly, what helped us is we designed cell 10. we keep talking about integration of africa. and unfortunately, it's slow. it is very important to really cross the borders. i mean we had free roaming. something they're still fighting to achieve. it was 15 years ago. we have one structure, one team of engineers design us. one plan, et cetera. that helped us a lot in trying to do. but the issue here is we really need to accelerate region economic integration. one think i keep repeating, we have more reforms in africa than in here in united states.

we have more funds than you guys. we have 550 more bag phones in africa, more than europe. but we don't make one muba iphone. realize the missed opportunity. i think this is a major issue. so i think a few things need to be done. i have a few suggestions. >> go ahead. >> yeah? i'll troob very quick. we need to continue to improve governments in africa which is already improving according to data published. available you to free of charge if you want. one thing i think will help investment if we have a then african stock exchange. bl any ininvestors goes into any country, he is looking for the exit door. we have only six or seven siliqd

exchanges in africa. that doesn't work. we need to have regional exchanges or ban it. it's not difficult. it's simple and easy. >> i think also i have a word for you, it's business. it's not a one way conversation. i has to be a two-way conversation. i think you need to address the gap between perception and reality. we grew up if in a diet of movies, et cetera. our position is far from reality about africa. four or five african countries dominated the news. problems in this country. we're 54 countries.

second one that i mentioned, the rule of law. rule of law of africa is not bad. not only business, i shoot three local governments and i won every case. i challenge any businessman here to sue china in a chinese court. the rule of law of africa is better than many countries. [ applause ] >> yes. now you, american business people, ask for good governance. rule of law, transparency, lack of corruption, et cetera. i can precisely ask you for this hymn? just strictly business, you're welcome. can you please also pay your

taxes? because this is a major problem. this say huge problem in africa. you have better lawyers. you have better financial advisors. you can throw rings around our officials in africa. but please, don't do that in the sake of accuracy. also your long term perspective in africa. if you want to succeed long time, you have to do clean business. otherwise, it comes on the backside. you know that. >> one thing i really want to say also about the american governme government, the american government is wonderful in leading the fight. again, it's corruption. and a great fact of -- [ inaudible ] and to act against corruption.

that is wonderful. but i'm very surprised that when the uk is pushing now for transparency and ownership of companies and trusts, the u.s. seems ton hesitant. please don't worry. continue to fight. we don't understand why anybody need to have enormous conversation. why are you doing that? you have that backbone. please, continue to show that backbone. so please support that initiative. and we also don't understand the frank dod transparency, et cetera. again, we don't understand why you measure oil companies and ugz the courts to undermine that. why do your big oil companies get transparency?

where are the board members? where is your corporate governance? we're really asking this question. so please behave. and, of course, you have this discussion here in russian about the exit bank. please have your discussion. but don't throw the baby with the bath water. that's not smart. thank you. >> thank you. mo, we have limited time. i want you to really talk about the issues of tax and transparency. because the last g-8 summit put on the table issues of the other companies. because of complex managemen at the not yoez, i hope your colleagues can come to this

lat later. you have been successful many mobile banking. this was known for. but even more. bringing more people into the banking world and by expanding the middle classes. can you tell us more on this? >> thank you very much. the mobile banking concept is more of a delivery channel for financial sservices. the fastness of the continent. the best possible bigs made brick & m mort yar a politician. the second is the income brackets of the bottom of the pyramid. again, this is a major issue and cost of access was another issue. we thought we could take financial services to the last mile using telecommunications

infrastructure. simply, we tried the capability of the bat tom of the pyramid having funz. the second as secretary sympathy is the issue of a low percentage of the population being banned. and for that was a market figure. we ask ourselves how can we limit the market figure where 896% of the population is screwed up by a market. we didn't talk about the bad years that existed to the low income getting up financial access. financial income for the new neck is essential. if there is critical, the economic gainsst economy don't trickle down to about that

segment of the politicians. we used technology to reduce the cost of access. and then remove mostst bad years that had to go with the tradition and market regulation. when ask you the population that is not connected to the nation of treat to to give you utility, then it become a huge barrier. with the nation we are policed, when we went to regulation and particularly a new york customer and essentially that has helped kenya establish a region with a population --

[ inaudible ] and prices, too, have to be right, and the price of the traps action has to be made appropriate yit for the transaction for the population. for the population. >> thank you so much. >> due to the financial crisis, banks in the rich countries have problems. and the african banking system is expected to follow, but it didn't happen. what do you say to individuals in terms of the slidity, this terms of the regulation of the bac banking sector? >> thank you very much. in terms of 2007, 2008, 2009, the first thing we have, the strength of the framework on the african continent, the central

bac bank being able to manage the situation very well. and the banks perform well. and over the last six years, markets have gone up four and a half times. and again, the penny, the strength of one regulation and the quality of the portfolio. and even though we have the trading effect of the financial crisis, the spike was minimal and we see another two years we have been able to have appropriate policies in the financial sector. and appropriate.

and the strength of the money management team managing the bank. >> very good. so strong regulation, and very effective resolution mechanism with the problem. very good. >> and people talk about africa as if it is an exception. and in myanmar, sri lanka, it is different from africa. >> i actually believe that africa is at the stage that asia was 15-odd years ago. where a number of companies, many of whom in this room, viewed asia as an opportunity to plant and grow aggressively.

those of white house two local and plant ourselves properly for the right investment, right locally and we can then lock in africa. the risk attributes of african countries, i talk about a great deal, with you if i go there and travel, you can find ways to control the way that is perfectly acceptable to the government's needs of most of our country. so to give you an example, gold and master card, we go to a bank in africa be we take our two partners here, you take from them a certain level of guarantee, which takes two to three days between the time that we take the money back. in small bachgs banks, and

underwriting, and we try to find a way that they could do the underwriting and provide a level which we accept as collateral. it is a way of managing the same risk. it is true of what you can do with all kinds of risk in this case. i think that's how i view it. >> let's talk about, okay, that is 1 billion people that include the other middle class. purchasing power. your knowledge of this. >> yes. my view goes a little bit towards what james was saying. i believe if the rich will get richer at a point of time in economic growth. nothing wrong with that if that capital reinvested in the right places. and consumption-led growth and by getting people at the lower end of society that participate in their growth. that will not happen without

financial intrusion. if left out and if you can't pay a bill easily or borrow money easily, you cannot be a part of what the economy is capable of doing and delivering. that's what financial inclusion is about. not only about doing well, it is about doing well and doing good at the same time. most companies who benefit from it. if that's what you are try doing, i believe that cash is actually a hugely expensive medium of exchange, created hundreds of years ago and has a reason to exist in today's modern economy. that is printed and distributed and my colleagues from the bank are pick up with trucks with two people and if you have 1% of the truck cashed as a bill. you need people to check it. and then, all of the tax evasion. you are talking about taxes, you

cannot pay taxes long-term without a large preponderance of tax in the economy. third, you can't have a great deal of activity without cash. if you kids go to college in this country, drugs are on campus. those drugs don't come in the shape of a city card credit card. >> i get it. i get it. so just think through the role of cash and through the trance parn sieve electronic payments and that is the idea of inclusion and what james was saying with technology and innovation and make a difference of what we can do help transform transparency, reduce the amount of cash and the problems with kids. >> thank you. now, in africa, from that being

done, and people wanting this and as they do in the telecom sector. and providing that business confidence to provide that clarity aep can put that rising of capital there and in the investments and 20, 25. and be done for those -- >> so last year, with africa, i went to $2.5 billion initiative and we have been able to deploy -- because of what i'm going to share here, we should have implementation across africa. >> one is that in the country we

decided to start from nigeria. nigerian government, the form of the past, and that gives us the opportunity to to be major power asset. it generated november last year. november 1 last year. 150 megawatts of electricity. this money we generated electricity so just about six, seven months. this is what the private sector can do. so learning from this, african governments and i'm happy we have quite a number of good leaders there, we have a lot of play and happy to reform the

past. if we have inestment we wouldn't have invested it and would triple the -- [ inaudible ] one of our partners -- [ inaudible ] the second thing is the political ability. we need to understand that power investment and lock tight investment. and with one-year, two-year policy. so if we want to drive power and increase in electricity, and we call continent, we need make sure we think through carefully and our policies, or else put in play the policy we should just have to see them through for

that. russian investor have no surprises. with will power policy across the continent, if we can do that no now -- [ inaudible ] and give or take the policies that will play out. that will need to -- noeed to invest in countries that invest in africa. it took so long to -- it took so

long to close transaction from the continent. so we need to make sure we -- [ inaudible ] and be able to understand that it takes all the power and sector and power and the mind-set to have should wear in africa and multidifference from the mind-set of that part of the world where there is electricity and significantly improve. [ inaudible ]

and lastly, government need to help -- if we have the tax, the right tax incentive, as we have in nigeria, and so that encourages you to invest more in such economy. so the kind of money you need in power is not just commercial facilities. and there are certain agencies, decisions i would -- [ inaudible ] and the initiative of the other continent, we need to also have the american senate and have the -- and it would help

significant in the electricity in africa. and finally, again to -- and economy on the koptent in. we need to encourage it and mike sure when we mobilize, we challenge them to the area. if you go to some country, half trillion of money already mobilized, or the funding corporation is not really happy to drive the agency that we need in africa. so we need to look at this and mobilizing service and so how you grow what we need so far in the african economy.

>> thank you, thank you so much. >> in the room, we have four minutes, but around the world, we have popularity and it is so stable that we can see more investment in the politics in -- [ inaudible ] >> thank you, tony. thank you for the nice words. i think right now that the agreements and the agreements in general that nigeria steps out, are really good. >> you talk about all african countries.

>> i will start with nigeria. >> you talk generally -- >> because i think nigeria has the standard. the problem is across the other countries you don't see standardization and every time you go to make a deal, you have to start out from scratch and you spend months and months and months negotiating about different ppas. so in some countries, every single project, different ppas. so it is not well organized and i personally think that if some of the other african countries are invested in nigeria, things would be a lot better and be a lot easier to work. one thing, since you gave me the floor, that i would like to respond to tony, is i think it only is it important that american companies partner with african countries, our partnership, i think, has been a fantastic example. it worked really, really well.

and as we've invested in the plant and we're producing 450 mega watts, i think it is essential, i think you've just got to find the right partners in africa.watts, i think it is essential, i think you've just got to find the right partners in africa. and there are more people like tony elumelus and james mwangis who would do business with america. so my recommendation is anybody going to africa do business, first of all, concentrates on finding the right local partner. >> thank you both, thank yo, bo. >> now check in on the audience, and go the distinctive gentleman. anybody? i see none. therefore, i go back to my panel. ask each one of you if you have the last word. >> two things.

first, i would say that america is probably behind other parts of the world in investing in africa. there may be historic or other reasons why americans have not moved to africa the way chinese companies have. i don't think it is too late to catch up. i think american companies need to look at opportunities in china. this is one small sliver of what we can do. secondly, this is a very good summit, unusual summit. but as i've been to many summits and many business meetings and conferences and everybody here has, the trick is the follow-up. not the great meetings, the follow-up. so i hope there is a mechanism to follow up this conference and i assume that bloomberg philanthropies and others will fiend a mechanism to make sure that this doesn't happen. it is just once, but happens frequently and also those of us who meet for the first time here use other mechanisms to make sure we stay in touch. that the best way it make sure

this conference isf useful. >> good one. two point. great instruments out there. power africa, create africa and in particular and we hope that it will be extended and that africa will be included. in addition to that, to quote president zima, south africa and africa open for business and open for partnership. >> that's good poent. point.. poinpoint point. >>. [ inaudible ] >> welcome to africa. i wish you make a lot of money there. and we save yourselves. thank you.bwe save yourselves. thank you.ewe save yourselves. thank you.hwe save yourselves. thank you.awe save yourselves. thank you.vewe save yourselves. thank you.e save yourselves. thank you. save yourselves. thank you.save yourselves. thank you.ave yourselves. thank you.ve yourselves. thank you.e yourselves. thank you. yourselves. thank you. [ inaudible ] >> i think that africa has gone through economical, political, economic default and it is important that while we may have what the media talks about africa to look and get where

africa is, using its market. with $2 billion u.s. dollars on the euro bond speaks a lot about what is happening in africa. what is happening in nigeria and nairo nairobi, tells the whole story because markets are never long. >> very good point. it is. >> with the financial work in nigeria and kenya and egypt is that public prief art partnership. and there is a proverb that says, if you want to go quickly, go alone. if you want to go further, go together. you won't get very far without those kinds of partnerships. >> thank you. tony? >> calling on last week to good to washington as we come back within very soon you will hear about the electrify africa in

part and to have to -- and what michael bloomberg talked about the money and i like to -- american public and see africa beyond the prison of the message in as africa 10, 20 years ago. and lastly as we talk about partnership, and the rest of the world, and cannot -- women represent 50% of the african population, and true inclusive growth. and in africa with that -- [ inaudible ] thank you. >> thank you so much, tony. now let me take -- i believe a

good point made by mr. mwangi. on television, bad news, television activity here, but look at performance of the exchange. look at performance of the stock exchange. the second, when going to africa, they come to us for the bank. and even though in africa more than they do. and can we invest together. and so further give you -- there is information and moving into this or other african countries. you still have to come to us. we are prepared to go there with you and meet challenges together. so please join me in seeing this panel and thank you for the body. >> on the next washington journal, mike duncan of the american coalition for clean

coal energy discusses why coal and the obama administration action plan have become high profile issues in 2014. after that, karen white of the national education association. she looks at why the nea plans to spend about $40 million on the mid term election. plus your phone calls, facebook comments and tweets. washington journal, live every morning at 7:00 a.m. eastern on c-span. tuesday morning progressive policy institute holds a discussion on cybersecurity and the challenges facing the federal communications commission concerning wireless and net neutrality. here at 9:00 eastern on c-span 3. the next speaker at the u.s. africa sum sit national security adviser susan rice.

she talks about infrastructure. she was join had by executives from ibm, coke coal why and other companies. this is 50 minutes.cke coal why other companies. this is 50 minutes.ake coal why other companies. this is 50 minutes.-ke coal why other companies. this is 50 minutes.cke coal why other companies. this is 50 minutes.oke coal whyd other companies. this is 50 minutes.lke coal why and other companies. this is 50 minutes.ake coal why and other companies. this is 50 minutes.e coal why and other companies. this is 50 minutes. coal why and other companies. this is 50 minutes.coal why and other companies. this is 50 minutes.oal why and other companies. this is 50 minutes.al why and other companies. this is 50 minutes.l why and other companies. this is 50 minutes. why and and other companies. this is 50 minutes. and other companies. this is 50 minutes. good morning excel encys, ladies and gentlemen. i would like to begin by thanking the department of commerce and secretary penny pits ker. i would like to thank the bloomberg foundation and michael bloomberg for organizing this important discussion on powering africa. as we've heard again and again, africa has two two decades of very strong growth. but the encouraging growth story will only continue if the continent tackles its problem of

infrastructure. now our studies show that poor state of infrastructure in africa, including electricity, water roads and ict cuts countries economic growth by 2 percentage points every year. and it reduces business productivity by as much as 40%. these losses take an enormous human toll in addition to taking a toll on economic growth. we've heard a lot about the infrastructure gap, about $100 billion a year that's needed. less than half of that is supplied by the government. we have also heard that of the 8 800 million people, there is a deficit of about 100 gigawatts. with africans, 10 million enterprises don't have access to energy despite enormous

potential for hydroelectric power, geo thermic power. the 5.5% growth in africa has been done without power. just to give you a very specific example. i was recently in ba keeno fossao and their president told me that they had been growing, and we know they had been growing, at about 6% per year. and the cost of energy was 75 cents per kilowatt hour. here in washington, d.c. we pay about 10, 11, 11 cents per ki kilowatt hour. we want to achieve the goal of providing electricity for africa. so today i'm very pleased to announce that the world bank group following president obama's lead will support power africa by committing $5 billion

in direct financing, investment guarantees, in advisory services. for power africa's six power countries. . there are tasks and mile stones that would be the power of the goals of creating 10,000 megawatts of power in africa. while our financial and technical support will hope move the projects forward what we know is that we need much, much more funding. now the world bank is 70-year-old institution. we have done wonderful work in many african countries. but we knew as soon as we arrived at world bank group that we were not structured in a way

to have the kind of impact that we knew we could have in tackling problems like power here in africa. so we rearrangement everything, changed just about everything. we are now able to provide state of the art solutions not just data and analysis but solutions from all over the world. we are now a global knowledge organization as opposed to a regional or country-based region in the past. but we have to step up. i think you heard on a previous panel, jeff said clearly, what we need are pretty straight forward things. so we will step forward and much more aggressivively provide the kind of risk capital that will be needed to get projects moving. secondly we will use our 70 years of experience to take the lead on project preparation of what we know on many, many bankable projects in africa.

you know, for me, having now had the chance to travel many times to africa, and specifically at world bank president, i can't help but think with my own life which started in 1959 in south korea. i was born in a country that recently had gone through a war. it was one of the poorest countries if the world with a gdp per capitia at that time lower than ghanas. the economist the a the the world bank stated that crkorea s a basket case. we have heard those same kind of pronouncements about africa too many times. i think back just to 2000 when a small group of us began point together problem of hiv in africa and we made the point

that this is a problem that we can solve. this is a problem we can tackle. there were nay sayers everywhere. it is impossible to treat hiv in africa. africa will have to wait for the next generation. but for the effort of people like george w. bush who launched the initiative and many members of congress here today who supported it, 10 million people in africa are on treatment and treatmentout comes and compliance is higher than in many cities than the united states. we should never ever doubt the potential of africa. not only to solve its problems but to grow in a way that will boost up the entire world. it was a developing country during 2008 to 2013. but accounted for more than half of global growth. we at the world bank group believe in africa. the next five panelist have all done things to show that they, too, believe in africa. for the private sector representatives here today, i would just invite you, just as

donald kaberuka just did, get know us at the bank group. we do credit risk, credit enhancement. we have a private equity investment that will invest with you in africa. the opportunities are enormous. just imagine in the investment in electricity that will not only provide you with very strong returns, but will reduce the price and increase access to electricity for the people. we know we can do it. together with all of you, we look forward to the next meeting of the united states government and african leaders when we can talk about the great things that we have accomplished for our companies and on behalf of the people of africa. thank you very much. [ applause ] >> ladies and gentlemen, please welcome to the stage, founder

and chairman, stephen schwarzman. ceo and co-founder general partners mr. tshepo mahloele. ceo of coca-cola company. and national security adviser wbt honorable, susan price. >> hello, everybody. thank you for joining us. i want to thank my colleagues for joining the organizers in

this event, in particular the department of commerce and secretary penny prits ker and bloomberg ifphilanthropies and particular mike bloomberg for making this occasion as impactful as it is. i'm honored to be joined by such a distinguished panel to discuss africa's infrastructure, potential and africa's infrastructure challenges. before i do, i want to just ask you all to join me in thanking again jim kim and the world bank group for a really extraordinary announcement that he just made on behalf of the world bank for forare for the initiative to double access the power to africa. and the commitment is an enormous contribution for which we are very grateful. i know president obama is very

grateful. pleasing with join me in thanking him. >> so broadly speaking in the context of the panel, we want to explore the nature of african's infrastructure needs. the challenges that we face in terms of trying to enhance both the energy infrastructure, transportation infrastructure, and this panel is incredibly well suited to do so. we have ceos, we have investors, we have those are the specialized in every aspect of the infrastructure challenge. and what i would like do, most of all, is invite you all to share in particular the challenges that you see in terms of bringing a greater infrastructure to africa so that africa's development is facilitated and supported where in particular you see the opportunity for policy to play a

role in strengthening africa's access and opportunities in the inf infrastructure realm and where you see the risk and i know each of you are well-suited to elaborate from your own perspective. steve, i wanted to see from you, you, you have a global base of investors you have become very involved in africa of late. and i really wanted to ask your perspective of where do you see the greatest challenge to improving and enhancing infrastructure in africa and what role can the private sector best play. what role can africa's governments and partners play to increase the quality and quantity of infrastructurinfras. >> i think the people on the first panel actually did a pretty good job at laying this out. whether it was jeff or someone else, that we've been doing infrastructure for a while in

africa. we completed building a damn in uganda and it comprises now 40% of the electricity. lowered the price by about a third and increased the gdp by about 60%. so the power of power is really very substantial. and from the perspective of africa where 70% of the people don't have electricity, and for a lot of people in this audience, they understand that for people with normally be in the developed world, it is incomprehensible and the connent in is still growing at 5%. so if you imagined, the $300 billion necessary to really

electrify sub sahara and africa, if it is a huge number and it would make a huge difference, so i think any time you have 5% growth anywhere in the world, you're going to attract private capital unless you try and stop it. and the supply chain is about policy, it is about continuity in terms of policy over time because these projects aren't necessarily done within the life span of one administration and if you invest the time, and somebody else decides it doesn't want it, you know, that is a risk. you also have the esh us of rule of law. which is something that as investors, all of those need.

if you don't have rule of law or security, that you do you can't risk capital. and so there are are a variety things that governments can do which frankly are not difficult. you just need the will do them. the support for new projects. and the probability that you get a significant uptake in your economic growth, the ability to increase employment, increase gdp per capita is quite high. >> if you could, steve, elaborate a bit, obviously long-term development and sticking those policy says critically important, but which kinds of steps can governments best take in africa that would lay the right policy foundation once it was long-term, adhered to over the long-term.

do you see these policies being nationally driven or are they regional efforts that could be taken that would be particularly useful within some regions, whether east african community -- >> i think regional things are much more difficult than national things. as we look at our own country, or otherwise, it is hard for people to get together and agree. it is tough enough in one country. so i like do easy things. i find they are hard enough. and a country has to figure out what it want do. what kind of price is it prepared to guarantee you a spread over your supply.s do. what kind of price is it prepared to guarantee you a spread over your supply. do. what kind of price is it prepared to guarantee you a spread over your supply.t do. what kind of price is it prepared to guarantee you a spread over your supply.p do. what kind of price is it prepared to guarantee you a spread over your supply. do. what kind of price is it prepared to guarantee you a spread over your supply.o do. what kind of price is it prepared to guarantee you a spread over your supply. what is the supply. is it plentiful? will someone make sure that happens? there are all kinds of things

you can do to make a j ro ekt easier. and it would be really useful if there was a panned continental template of what people should do, the g20 for example, as you probably know, is thinking about that type of approach for a variety of different infrastructures so that people who do things are going to look at same type of criteria. countries will know what is the preferred outcome on those criteria so you don't have to have the same negotiation over and over and over. so that's part of the global agenda and i think it would work really well for africa. if you had regional groups, and you know, like western south america, which looks like it is going to work pretty well, that would be great. there are so many countries in

africa that it can't be an easy thing to harmonize everyone's policy. if you could, even better. but it is a tough objective. >> thank you. >> if i might, i'd like to go stride next. your perspective, larly looking at the industry you've been most active in, communications and information technology, and give us a sense of how the opportunities there are evolving in africa and a sense of this question of whether you see the potential for regional collaboration and regional policies that can spur greater investments in infrastructure. thank you. thank you, susan. this conference is a great vision realized for us. thank you for organizing it and

starting this new chapter. you know, i have been active in building infrastructure all my career, 30 years. i've built bridges. i've built roads. and i've been involved in the telecommunication sector since the private sector was first allowed in. back in the early '90s. and during period, i have invested in and built telecommunications in some infrastructure in some 17 african countries. whether the south or east or north, new guinea, portuguese speaking, we have been there and we have people in all those countries. if you had asked us, in 1994, when telecommunication penetration, the percentage after population, who had a

telephone was .07. % on the african continent, were it to be conceivable that 70% of the african people could have a phone in their hand, we've been committed to an institution, the cost at that time would have been greater than the gdp of the couldn't nept. nent /* today the private sector invested a hundred billion dollars so that 650 million africans now have a cell phone. in fact for those of us entrepreneurs, the component of this revolution is behind us. people are still building towers but we have moved on. we're now into the digital connectivity. how do we build the digital

infrastructure. for instance, our company has been laying fiber. we have laid fiber now in 15 african countries. we have a system that began in derban building along side of the road and if you know your continent as you know, susan, we followed the road, went up north across the river and then into zimbabwe, across into zambia, digging along the side of the road, 5,000 men, and we are now on the border of somalia, if it wasn't for al shabaab, we would be more at issue. today our focus is insuring that these networks can now create an overlay where we can provide education, health, we can

provide agriculture extension services to women farmers. this is the future creating digital jobs for young people so that we can employ the young africans as well as providing health support and other things that it is as much as infrastructure today as it is to build the physical infrastructure to building. perhaps i'll stop there. >> i would ask to you elaborate -- you have been a huge proponent of the investor in africa's human capital, and in particular its young people. and you've also been a great supporter of the young africa leaders initiative which president was proud to host last week during an extraordinary summit of washington fellows. your perspective is someone so

deeply involved in the digital sphere as to how we can use both partnership between the united states and africa, and investment to promote skills development and skills transfer which is a huge underlying objective of our partnership of africa and the united states very much wants to take it. we want africans particularly up and coming generationes to be extraordinarily competitive internationally and have the access to the skills and education they need. how do you see the role of the private sector in particular information communications technology in trying to support that? >> thank you. you know, we look at schools and we look at the brick and mortar. again if we had to go out and build schools, we haven't got

the resources today. we have to look beyond brick and mortar. brick and mortar schools are an intention. we can use the technology we have today to provide education to chirp. the tools are already with us. we talked earlier and by will talk more about that, but the most important thing for us today that we've got is to educate, is to invest in our young people. at an earlier time said, 60% of africa's population is between the age of 15 and 25. we haven't got time to wait. so we have to use this infrastructure that we have. i don't need to get children into school, 50% of the globals -- the world's children are not in school.

are in africa. once we've got them in school we have to deliver the quality education that will help industry, employment, but even then, it is not enough. we have to look at making them entrepreneurs to create the next generation of industry. this is where i think president obama's initiative is to powerful. but it is also important that we have young americans heading the other way. as i have been saying on our part and a commitment we have made, which i'm happy to announce here, we're happy to receive 20 young americans every year coming the other way that will come and work in corporate africa so that when they return to work for goldman sachs and other industries, we will have an alumni of business people for the next generation of muta kent. thank you.

>> coca-cola for many years has been a pioneering investor in africa. and you have developed enormous networks of partners created vast numbers of jobs and now, doing great work to help develop clean water. i would like to ask you, based on coca-cola's experience, and also to share with us, the partnership you have with the new alliance. >> thank you. and i also want to start by complimenting president obama and the administration for this wonderful agenda. this something in waiting and it has come now and it has been a great time. so wonderful to be here at this

occasion. so my company has been honored to be part of the african community since 1928. and today we fast forward, what we see is, the youngest continent, an incredibly vibrant continent and i was saying three years ago that this decade, when it started, would be the decade of africa. untold decade of africa, small improvements in africa, is yielding exponential results as far as results and we see that. we see that as the company that operates proudly 14. factories and as one of the largest private employers on the continent more than 80,000 direct employees and indirectly almost a million employees through our infrastructure. and i think if you take, and

today, also i'm proud, back at beginning of the decade, we announce investments of $12 billion in the decade we're in in africa and up from $5 billion the previous decade and again, very proud to eannounce increasing that 7 billion to 12 billion, and not even in the middle of the decade now. and so, i would like to look at infrastructure in over three vectors. vector number one is the basic infrastructure, our, telecommunications, roads, bridges, all of that infrastructure. that then allows business infrastructure, and the second ve vector to come in and now that transitioning into what i call social infrastructure and a third vector as to what is best

described as the business working government and civil society academia to create social infrastructure. to improve education and improve the entrepreneurial spirit. improve sanitation. improve water. the third of african communities still live without clean water fopd we have an initiative called rain. which is short for replenish africa initiative. we bring water, so far, probably to 1600, 1,600, communities. i'm proud to say we work closely with ibm on that project. we bring sterile vaccine great watter with partners, with ifc and the bill and me len da gate foundation. co-investors in small villages. small towns. provide connectivity, solar

power, and the unit that we've developed works with again solar power, sterile water, generator from any water, no matter how contaminated the water is, working on solar power. and we need to scale these up. looking for partner, inviting partners, and i think that we need to continue to scale these big projects up from where they are. then we have another initiative, the last mile, which again we work with the bill and melinda gates foundation to take hiv vaccines with our own infrastructure because we can go the last mile with more than tens of thousands of vehicles and mike crow distributors in africa. which by the way, are womenant p entreprene

entrepreneurs. which is part of our 2020 initiative. we are working to take hiv vab seens to the last mile to the imof villages and we have increased distribution to tanzania alone just in that initiative. we worked with president obama on aids day, to expedite child transmission of hiv. we are on target, and we will do that. those are all of the social infrastructure the third vector which i want to emphasize. and despite the gaps of basic infrastructure that steve talked about, despite the gaps in business infrastructure because there is just. sufficient foreign direct investment today in africa. there needs to be more. and despite we need to scale up the great programs, i'm

extremely bullish about the future of africa. and the most dynamic region in the world that i can see right now. thank you. >> thank you. you are relatively modest to touting and increasing another 5 billion in investment in africa. i just want to thank you and applaud coca-cola's leadership and its partnership with the new alliance for food security and nutrition. which san effort that many in this rom have joined the united states and some of our partners internationally in supporting. it is bringing opportunity and food security to people all over the continent and in particular to women and women farmers.

jenny, if i might turn to you, it would be great to understand ibm's experience in africa. tell us a bit about the environment found, opportunities you found, and in particular, the innovation you brought to the smart cities in africa. >> well, like everyone said, and muta and the strive discussion, and hard infrastructure and things about oil and gas, but of equal importance is the digital infrastructure and i would challenge everyone to think about not necessarily just hard resources as natural resources, but that for this continent, that information will beity next natural resource. and but like natural resources, you have to refine it. you have to do something with it. but if you can, its returns are endless in this case, unlike hard resources.

so this is really to me the foundation for much of what we've been focused on. and like mutar's company, we've been there not quite as long, 1937. but for many years we were in eight countries and we've accelerated. we are in 24 countries today. like many others here today, over the next seven years we'll be investing at least $2 billion across these countries as we continue to develop here. so i'm very proud about that. as you look at the development as many people said, i would offer a slightly different twist on the lens of the tupopportuni. and as you mentioned smarter cities, when you look at business to business company, there are 52 cities over a million in population across the continent and over 400 businesses already a billion dollar in size. they look to partnership. we all talked about the talent.

i don't know why any company wouldn't want to be part of both growing and having that talent as part of their company that will exceed china and india. and the third point i would mention though, strive mentioned the mobile infrastructure, it is 3x out of countries and it will, this is as this conference started, i believe africa will be the place where things will leapfrog and solutions will be brought to through other part of the world. i think that's incredibly important in how you approach the continent in many countries. and to the question about smarter cities, i would say we've taken two approaches on this. one has been if you look at urbanization, and you want a cite, you have to build a blueprint, we have done 200 project across ten countries and in many cases, where you said to bring people from america there

and vice versa, we've had 800 ibm-ers from other countries as well join us on these projects. that range from nairobi, traffic, mobile payments for government work, it could be in zambia for work related help. but the other side when you think about urbanization in other cities is foundation industries have to be real e strong. i also wanted to take this opportunity and foundation to me is telco, banking, strong government services and obviously retail. these are things as countries develop. let me take the opportunity to announce that we also today had formed an engagement in a partnership with if i dell knit ghana, $100 million that we will together, project working out with them as they transform global standard and to do innovation within and around ghana. and i would thank president

obama of ghana and the climate for business as well as edward afa president and ceo about the decision for these companies. we are very proud to announce that this bank with the ghana today for almost $ 70 millio70 . but together i would underscore out of all of that the kind of work can you do and seize the opportunity that's there. i would just sort of latch on if i could end on a point about the skills, and developing the youth. i do commend president obama and the team for the work done there. and it so public and private partnership. i would say one of my biggest learnings and passion around africa is it is not about money. it is about developing the capability that's there. and so, all of our efforts, we have opened a research lab. we only have 12 in the world.

true research in nairobi. all of our education programs. all of our software in the cloud free to every university. we are training a thousand professors. six universities so that the next way the student, they are the agriculture of the future. they have to note science and know at. and we have offered programs and we have one called leading to africa which i think is an amazing thought. it is that 6,500 applicant from africa go to school in other countries if the world, and we have now put them through internships for two years. as they graduate university they will now go back and work hopefully for us or some of you. but they will go back and work across the continent. so there is leading to africa, leading in africa programs that are there. so i am such a strong believer that greatest contribution we can all make in a win/win fashion is to develop those

skills. >> thank you so much. that's good. >> shep, you have the very distinguished and productive experience investing in various different ways in africa, but particularly in infrastructure. we are very grateful. you have built airport. you've done everything. and be very useful to hear your perspective on where the capital can come from. how we can attract more in the way of foreign direct investment in africa's infrastructure and what the united states' role aught to be. >> it is years ago, if we tried to put into a room, the type of people and we tried to talk about africa, the conversation would be very different. today we talk about business, we talk about -- and i think it is

great. so for coming next six years, you can imagine what that will mean for capital. and i this i that's what the manner we would like and the continent of africa in terms of on a long-term basis, be able to give from a point of view and investing in your hard assets. results to gdp and to because the truth is the competitive of the continent, very competent and the infrastructure and whether it is economy infrastructure and recently the challenge we had was one of finding capital to commit to the long-term development and what our initial sort of struggles

very much focused and whereby we couldn't get capital to long-term fund. and with the power project and airport and port, you know, and must get in and out within five, six years, out of economy. so therefore, i think initially like the support of very smart and capital, some of the patient fund on the continent and so exactly enable aep taking place and it is proving itself and just by the very fact that today we can talk about life and africa in the sense of talking about today is a testament that this is happening. and still a lot of capital needed to develop in the

infrastructure but think that you know, every few years, the story gets better and better and that capital is now realizing that those -- that assessment is proven and that it intend to be made but it is very much, initially we had, you know, two pension funds. and we trust like, you know, like the government and the pension fund in ghana. and nigeria starting to invest in the infrastructure and those patient fund are not doing it because they are just african but also you know, inasmuch as

like anything, they have to look after the future. so therefore they have to do the right thing. so they do it for the -- and get both benefits out of it. >> thank you very much. >> exactly. >> we have just a few minutes left. so i wanted to spend the time that remains on a theme that everybody has touched on in one form or fashion. which is africa's human capital and what some might call soft infrastructure. and without that, everything else is secondary. and with that, africa's potential is limitless. and each of you in your own ways have not only emphasized that but invested in real terms to develop that human capital. i would like to just invite your thoughts and comments and just

in the private sector and government might take our partnership to develop africa's human capital to another level and to hear from friends and colleagues from africa. and you know, what is our value added. how can we support africa's development of its own human capital in an optimal way and in particular help in the creation for jobs of young people that will be field jobs for the future. >> thank you. you know, jim kim used a very interesting expression when he spoke of shared prosperity. you know, even as we talk of infrastructure like power, it is very important for us to always keep in mind that there are millions of african children going to bed every night without a light.

even to read. there are simple things we can do, such as providing solar lantern, so the children can read at night. there are simple things we can do right now, building mini grid. because a lot will not receive the power from the big power station. so to have a big power line go over your village and because you built 5,000 megawatt for the city, when we can also look at how we can use solar power to build many grids so that children can have access to those simple things. these are things we can do today. we can remove -- on things like solar lanterns. you know, these are simple things and i would like to urge government to strip such things away because the private sector can do such things for you today.

we education is the key. we've got to get kids into school.e education is the key. we've got to get kids into school. education is the key. we've got to get kids into school.education is the key. we've got to get kids into school. and to the extent of the infrastructure, that's a piece of the investment. not so much about your own workers but what can you do to get kids into school. even if you are -- even if you don't need them as employees. thank you. >> thank you. >> i wanted to add that i think this is the opportunity that this is one of the ideas that is the grand challenge that in other parts of the world, and the point, the size and number of student to be educated is so large, i think working together, this grand challenge of taking what you might call massive on-line open education elearning to an entirely different level of joint public-private, we

started some work on this between, if you can understand the child's context, the way they learn, the behavior of their learning, you can really break through electronically with them on a scale that you could no chance have do otherwise with teachers across the whole couldn't not in the like that. and so this idea that we could have a great break through on the grand challenge of elearning, coming out of africa within i think is quite real. in the basis after public-private number of different partnerships to advance that. >> it snrs