how do the sale negotiations that just concluded play into this conflict. are these talks frozen forever? and then -- >> you've violated my rule. thank you. martin, why don't you start? >> do i have to? [laughter] >> you knew that was coming. >> the egyptian initiative, from the outset, there has been almost universal support for the egyptian initiative, which was a cease-fire in place for a limited period of time, it is now 72 hours and started at seven days.

during which time the issues of concern to both sides would be negotiated. the issues since the egyptians first came out with the initiative, that is the only part that has been contentious, what are the issues on the agenda? the cease-fire proposal that secretary kerry put in place was essentially an operationalization of the the egyptian initiative. in terms of the things that needed to be addressed. issues of freedom of movement of people and goods in and out of gaza. whether the fishermen could use the waters out to the limit. whether the farmers could operate in what was referred to as the buffer zone.

i believe that all of those questions are on the agenda in cairo, together with, although it is not mentioned in the latest version of the egyptian initiative, there is a general reference to security. i believe the israelis will bring to the table there demand that in return for conceding some of these issues, the egyptians themselves are going to have to agree to open, which they have been more restrictive than the israelis in the past year, the israeli demand is that the palestinian militias and terrorist organizations -- not just hamas but palestine islamic jihad and other groups -- disarm. that is the agenda, those are the issues that will have to be addressed. whether they can do it in 72 hours, i am deeply skeptical of that.

72 days or even 72 months, i am skeptical, having seen how dysfunctional negotiations are. but, it is necessary to try. it is necessary, in particular, in my view, to take advantage of the fact that hamas agreed in its reconciliation agreement with fatah to resign its government in gaza, to have the palestinian authority take control in gaza. that was agreed before this conflict broke out. that should be the basis upon which the issues are resolved, that the palestinian authority should take control in gaza. that it should start in the passages, which i think everybody is ready to agree to. that it should also extend to gaza proper. that starts with working with the u.n. and the international community on the emergency humanitarian aid that needs to go in. then, working with the international community, with u.n. monitors on all the construction material that will

have to go and to reconstruct gaza. in that way, legitimizing the palestinian authority, which has already been legitimated politically in the fatah-hamas reconciliation agreement. finally, as part of that assessment, to uphold the principle abu mazen has repeatedly advocated. one government, one law, one gun. the guns can only be in the hands of the palestinian authority. they cannot be a lebanon solution with militias and terrorist groups retaining their guns. that would be the ideal process. one in which israel should be able to accept that in the process of disarmament there is the full opening of the passages. finally, to the journalist's question.

if i compare it to the end of the clinton administration, when we tried to get a comprehensive deal and failed, that led to huge disappointment that contributed to the circumstances that caused the outbreak of the intifada. i do not see that as a comparable situation. nobody on either side seems to believe it was possible in the first place. both sides did their best to reinforce that opinion in the public.

there was no sense of letdown or failure. everybody accepted it. oh well, they could not do it. more importantly than any of that, hamas did not believe it was going to work. hamas did not try to disrupt the effort. nor did hezbollah, or iran, who had always done their best to prevent the breakthrough to a peace agreement. they did not lift their fingers because they did not believe it was possible. the dynamic that led to the outbreak of this conflict was unrelated to what we were trying to do in the peace process. that was the dynamic that finds its origins in the deposing of morsi, the rise of sisi, the suppression of the muslim brotherhood and the determination of the egyptian government under sisi to choke hamas, the bastard child of the muslim brotherhood, cut off all the titles and all the revenue to hamas, which put it in a desperate situation, leading to

the reconciliation agreement with fatah, which led the israeli government to suspend negotiations. that dynamic, independent of anything we were trying to do, came in from left field and basically upended the table. that is what then resulted in the effort in the left bank, which contributed to the explosion in gaza. >> israel is not at all sorry to see sisi and the egyptian government take that attitude, cut off the smuggling tunnels, and repeatedly declared of last months that their relationship with this egyptian government on security issues in gaza is the best they have had in years. all of this begging the question of how ready are the israelis, we can talk about the egyptians, too, to loosen the closure of gaza where the pa might come in on the borders. given that this is a week pa, even if it manages to police the border. the idea of the paa disarming

other militias in the gaza strip seems a long way down the road. >> that is the crux of the issue, the monopoly of forces. hamas, being extremists, there are extremists on the israeli side as well. who do not control an area, they do not have an army and engage in war against jordan. they do not constitute a second state. hamas, it is not just about when they took over the gaza strip. they have been -- what brought down the government, and association by an israeli extremist, the loss of elections precipitated by the hamas bombing, that is what brought it down. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2014] [inaudible]

>> they want to do gauged in investing overall in africa. best they wanted to get gauged in investing overall in africa, the opening upon what is happening now in the continent. that is why they are holding this special occasion whereby we are joined here today by 50 african ceos and ministers here with us today to engage on business opportunities, trade, and investing in africa. now my pleasure to introduce to you congressman -- to introduce to you the ranking ,ember of the subcommittee [indiscernible]

>> good afternoon. i am delighted to see everyone here today in what i think will of thery important part u.s. africa summit, which is historic in the united states. i look forward to having an afternoon that is not just a regular afternoon, but an afternoon where we do business and get jobs done and get people really investing on the continent of africa. , some offore i begin you here, i want to make sure that you know some of my who have worked diligently with regards to a relationship, whether it is dealing with business, dealing the hiv crisis we have had

on the continent, the first young lady i want to introduce, she is one who is an individual that i look up to, to be quite honest. she is a fighter and she knows africa through and through. she has done it on a consistent basis and is here with us today, the honorable barbara lee. [applause] another individual -- as we said, barbara is on the appropriations committee. an individual on the judiciary and on the defense committee who has come and been very involved on foreign affairs from the defense side -- these are all issues they look to try to make sure there is a connection with for the united states and he has

worked very hard, from the great state of georgia, hank johnson. [applause] us, an individual -- i sit on two committees, foreign affairs and financial services. he is the person that sits right in front of me on seniority. of me andght in front has always been one who has been talking about how we can further the relationship with the country of africa. he has been here all week also, from california, the honorable brad sherman. [applause] we have got to others who are here now that i will call up later. they will give you a few words, but you know -- it was 14 years ago that the united states congress enacted the african growth and opportunity act. with a view to expanding

growth and opportunity in africa like never before. congressegislation, called for the establishment of high-level dialogues, including regular meetings between leaders and ceos of the united states and africa. things don't always happen the way we want them to in washington, d.c.. they don't happen as expected and as i am sure you heard yesterday from the president and others, we got some of the problems here. that 14 yearsay later we are finally having our first ever u.s. africa leaders summit. as i look back at what happened -- [applause] as i look back at what has happened over the last 14 years, it is clear to me that those years in waiting have not been in vain.

instead it laid the foundation for this gathering and the next phase of our partnership. the act in the year 2000, u.s. imports from those countries have grown from , aillion to 26.8 billion threefold increase. direct foreign investment in sub-saharan africa has also increased from $9 billion to 30 billion dollars. the investment has resulted in the creation of some 300,000 and in sub-saharan africa almost 120,000 jobs here in the united states. there is much more that we can and i believe we will do. that is progress. willw that this summit give us the momentum to significantly increase these figures over the next 14 years.

congress took another historic vote for africa just last week. one of the very last votes we took it for the summer recess was the unanimous passing of a resolution that i authored working in collaboration with democratic and republican leaders and cosponsored by all the members of the congressional black raucous, many of whom are with us today. a powerful expression and commitment from the elected representatives of the united states to the continent of africa -- the following, that in this resolution the united states congress makes clear that we will stand beside africa in promoting peace and prosperity on both sides of the atlantic. two, it expresses the knowledge great opportunities for mutually beneficial trade and investment between the united states and africa. we are committed to forging strong ties of economic growth, democracy, and stability,

including the renewal of the act , the electrification of africa, and empowering the next generation of african leaders. especially the youth and the women who have been the driving force behind its newfound dynamism. finally, the resolution recognizes the significant progress and hope that modern africa represents today in global affairs and for the future. with some of the fastest-growing economies in the world and over one billion people in booming consumer markets, africa is the hope for the future. not just for africans, but for the entire world. from agriculture to infrastructure, energy and the environment, africa will power the global economy with its youthful workforce, feed the world with its vast agricultural land, providing the global

economy with $1 billion -- with one billion plus consumers. africa's most successful agonessman said a few years that if you give me $5 billion today, i will invest everything here in africa and nigeria. yesterday blackstone and carlisle, the world's largest rabbit equity firms, announced an agreement with him, giving an investment of $5 billion empowering projects in nigeria and sub-saharan africa. get his $5 billion and he will invest all of it on the continent of africa in partnership with american businesses. also yesterday, president obama announced $14 billion in new commitments for u.s. companies in africa.

at the same time the world think president announced another five ilion dollars in commitment to empower africa efforts. this means that in just over a year they have generated over 26 billion dollars in committed funds to electrifying africa. furthermore, our commerce secretary said the u.s. will add tens trade missions in africa to with china and anyone else in the coming years. the message, from congress and from the white house, is loud and clear. america is ready to do business in africa and we are ready to compete with anybody, any competitor and all competitors on the continent of africa. the president of the united states has made this a key priority. the congress is moving ager legislation -- moving major legislation.

a real step towards galvanized action. those of you who came here maybe doubting america's seriousness and even america's ability to compete with foreign competitors in africa, let me offer you a few words of advice. american businesses are competing to set higher standards of ring business in africa with sustainable business models the respect environmental safeguards. we are looking for long-term win-win business models that create jobs and opportunities at home and on the continent. more important, we understand it is in our interest, the economic interests of america, to make sure we have the transfer of knowledge and capacity builders as part of doing business. of a business model that even africans have realized is more shall and sustainable for their own success. and it is therefore our great treasure -- pleasure to welcome

african ministers and ceos at this congressional event. i will look forward to engaging with you on real business opportunities and partnerships. aboutn attendance we have 50 african ceos that were especially invited by the united states to attend the summit. joining them here we have about 150 us-based businesses represented by their ceos or senior executives, including small and medium-sized businesses, women and minority owned businesses looking to do business in africa and exploring partnership opportunities. critical in this process is the role of the trade development agencies and banks in providing capital, guarantees, technical .ssistance they are all here this afternoon . i also heard my good friend

donald, the chair of the african development and. he will be here and you will hear from him, also. we will be here to talk business, do business. i think that what we will be able to do and how we will be judged at this summit, alternately in the end, how we determine whether or not the summit was successful or not, it is what business feels and what investments happen after the summit? i know that in talking to the members of the administration they hope that this is not just a three-day or four-day event where you came to washington d c and we got to know each other and had a good time with no results. we want results for the big companies that we heard yesterday and we want results for our small and medium-sized companies that are here today. of the bigth some

guys, even, is how we put america back to work and how we put africans to work. we will do that business and we will do it together. [applause] so, let me now bring forward, to give you some further welcoming remarks, i have said that when canare in his is ms., you do anything unless you have folks working for you. and then you have leadership that works with you to try to make ends happened. i talk about the revolution. it would not have happened without this individual who sured tirelessly to make that it happened. making sure that we push bills through and making sure that congress has a voice -- it takes leadership to corral us together. one of those leaders is here

with us a day. known as the with of the democratic caucus -- the width of the democratic caucus -- the democratic whip, the honorable steny hoyer. [applause] >> first of all, let me tell my friends from africa that i do not the people. -- do not whip people. [laughter] and if you watch "house of cards ," it is not accurate. [laughter] thank you for the great leadership you are giving in congress, in africa, and around the world to make sure that our relationship is better and that we are doing business. meeks gave me credit for getting that piece of legislation through just before

we left just a few days ago. .et me put down the camera i want to just come forward to say hello to you. you don't have to come too far up. this is the floor director who made that happen. she made that happened. [applause] meeks welcome you to the congress of the united states. to this visitor's center. -- this is he said not a normal afternoon. we are going to actually do business. [laughter] the is a comment on congress of the united states, ladies and gentlemen. [laughter] somebody is doing business in this building. [laughter]

gregory meeks, a great leader. karen bass is here, former speaker of the california assembly. [applause] , i was almoste born in his district. i will tell you the story about that, but one of the great members, stand up. [applause] brad sherman was introduced. not sure if he is still here, but barbara lee, i want to thank you. let me mentioned are for and sudan, you are a very great part of that. i don't know that sheila jackson is a part of that or not. ministers here from various countries in africa, welcome, we are pleased to have you here, pleased to know you, please to work with you and do business with you. like a gregory meeks, we believe you are on the cutting edge of the future. we are going to be there with you as your partner.

i don't know that dr. shaw is .ere, or dr. litchfield she's here? we are glad to have you here. the opec ceo. dana heinz, glad to have you here. .haron baron bok [indiscernible] is that even close? >> [inaudible] >> beautiful, better than close. the nigerian minister of power is here. the gabonese minister of energy ,nd hydraulic made -- resources we are glad to have everyone of you here. on behalf of nancy pelosi, the democratic leader, and although he has not empowered me to do so, on behalf of john boehner -- [laughter] [applause]

but then again he is not here to say that i can't do it. so, we welcome all of you here. i want to welcome all the u.s. ceos. ceos, glad you are u.s. we want to tell you that and want you to remain that. thank you for your introduction, representative. and thank you for your work. george, i was going to tell you a funny story. i was six years old. it was summer. we were at the beach. the mother of one of my little friends came up to my mother and said -- jean -- my mother's name -- what were you doing in africa when steny was born? my mother look at the other quizzically and said -- what do you mean, what was i doing in africa. >> steny said that he was born in africa. my mother look at the other said -- no, he is a

big tarzan fan, he just pretends he was born in africa. i was actually born just outside charlie wrangles district in manhattan. with allsed to be here of you. we are talking about the future, growth, making it it america -- making it in america. we want you to sell goods to us because we know that if we do that we will all be more successful. to the extent that we know one another better, we will be able to do more business together. one message from this extraordinary gathering of the last few days is that although africa faces many challenges it is a continent of opportunity. in cooperation with the agencies here are government help to strive that strives to help african economies strive on the theory that if you thrive, we will thrive with you.

stateschina, the united does not have direct growth or state owned enterprises, but it makes up for it with the determination around benefits for not just foreign investors, but africans, two. home to one of the six fastest growing economies in the world. to forbes, their gdp is expected to increase 6% annually over the next 10 years. one of the most effective tools that we have to facilitate investment in africa is the bipartisan growth and opportunity act that i was proud 1999 in which my friend whom i have already greatned, one of the leaders of the united states, charlie wrangle, was instrumental in moving to the congress. he has an extra added advantage today with his wife. welcome, we are glad to see you. [applause]

the law that the congressman helped to push through the congress, it has encouraged american businesses to invest in sub-saharan africa by making a range of imports exempt from eligible countries duty-free. since it was enacted, total trade as more than tripled to over 26 ilion dollars per year. redundant, i know that mr. mace mentioned that figure, but it is significant to see the success time.e had in that for nonpetroleum products the trade has increased to nearly $5 billion per year. congress ought to take swift action. where american help -- where america can help is the power initiative last june.

million, there are 6 70% of the population, with a significant barrier to growing africa's middle class. the power africa initiative recognizes that national governments and foreign donors cannot meet this challenge alone. under this initiative usaid has been deploying infrastructure by leveraging every dollar of .ublic commitment , thet to thank dr. shaw u.s. aid administrator on this and other efforts. speak toinvite him to our senior whip organization, a group of 30 representatives who

represent the entire caucus to bring us up-to-date on what it is doing to expand opportunities for all peoples and for americans. over $14 billion has now been committed thanks to power africa. our investments in the congress, you want to clap at that? someone got the $14 billion? [applause] view, $14 billion is worth clapping about, that's right. these investments will lift not only africans out of poverty to build more secure democratic societies, they are also in integrating african economies into the global marketplace. when more businesses, innovators, and entrepreneurs can participate fully in the 21st-century economy it will benefit not only africa, but as greg pointed out, the entire world. have a crucial

role to play in building bridges between africa and other markets and i hope you will use the summit this week as a chance to network with business leaders from the united states who are eager to connect with you and find areas to work together with and invest together with to .enefit your local i spoke to a local business person in baltimore who does business with over 100 countries in the world. excavating equipment, he does an extraordinary job. here to advantage you an advantage him. .hat is what it is all about alternately the goal of expanding the business connection between africa and the united states is to make brings greaterso opportunity and prosperity to workers and their families on both sides of the atlantic. i and my colleagues look ahead

with much optimism for the future of africa and the strong business ties between the united states and africa. godspeed on a great conference, ofspeed on the difference which greg spoke so passionately and correctly. thank you so much. [applause] >> i would now like to call up, because it is important -- you heard from the executive branch -- many did, yesterday, that they are committed to. it is important in our system of government to know that the legislative branch is an equal branch of government and is -- working collectively with the partner on focusing on the continent of africa.

who is a is your year in the united states in her own right? she was the first to ben-american woman speaker of the california legislature. brought that zeal, knowledge, and wisdom immediately to the united it's congress. in just a short. of time a name that i know that , an individualw smiling on us now, the honorable , who gavene senior his entire congressional career even before he was in congress to be focused on africa. i know he is smiling, but i can see him's myelin because the person that succeeded him as the ranking member of the africa subcommittee and who is also my cochair on the congressional black caucus is africa task

, the gentlelady from california, the honorable karen bass. [applause] >> good afternoon, everyone. ass is an amazing gathering, i listen to my colleague talk about who was here today, look around. look at yourselves. this is amazing. talk about a group that will get it done. it is really my pleasure to welcome you to a dialogue with african ceos. i again want to it knowledge my colleague, mr. meeks. we need to give him around the laws. [applause] -- round of applause. [applause] a ranking member of the subcommittee on consumer credit, --resentative meets

representative meeks is on the front of the efforts as evident -- evidenced by today's event. conference he held entitled engaging wall street on power africa, the congressman brought together bankers, investors, and developers to discuss roger x and commercial opportunities in africa, one of the fastest-growing laces in the world. he and i and many of our colleagues who will be speaking with you this afternoon believe in the strategic and economic importance of strengthening bilateral relations between the united states and the nations of africa. and excited with his leadership on this issue, he brings both many years of expertise on the foreign affairs committee but also many years of expertise on the financial services committee. specifically trade. with that package i feel confident that we will be able

to get it done. today is a perfect example of that. as president obama welcomes african leaders this week, congress hasn't he leave vital responsibility, using this landmark summit to work in a bipartisan fashion towards expediting the reauthorization of the core of the expanding trade and investment art worship between the united states and the nations of sub-saharan africa. all of the african trade and commercial ministers who, to a person, called for the timely reauthorization. ministers and government officials emphasized that this reauthorization is not only good for africa, but also for the united states as they contribute to job growth on both sides of the atlantic. because i work with colleagues like mr. meeks, mr. hoyer, our

leader, mr. wrangell, and the leader of the democrats and one of the most powerful women in the nation that you will hear from shortly, democratic leader nancy pelosi, people like barbara lee and ed johnson, folks who have worked on these issues for many years, i feel comfortable in committing to you that we will get it done. we will get it reauthorized. [applause] legoseled recently to with the secretary of commerce on a commerce department trade mission to west africa with 20 u.s. business companies. i felt and saw the energy surrounding african and u.s. business persons eager to do business with each other. i saw the excitement of his misses who inked deals right there. mutuallytial for a beneficial trade and investment

relationship between the nations of africa and the united states was palpable. the time is now to take the u.s. africa bilateral relationship not to the next level, but to a higher level. a level that fully recognizes and matches the ingenuity and expertise of african entrepreneurs with the expertise of their american counterparts and vice versa. i welcome you to the meeting today and wish us all a very productive afternoon. thank you very much. [applause] >> as i indicated, the leadership of the house is focused on africa. when you think about united states history, this individual is an integral part of that history. she is the woman who was the first woman to be elected

speaker of the united states congress. she is a woman who works tirelessly on behalf of this great country. she has the responsibility of getting us all together to move forward as one in what is increasingly difficult, the responsibility of negotiating with individuals who often times don't want to negotiate. who don't want to move. but she has stood steadfast. she makes us all proud, each and every day. from the continent of africa. my friends from the great country of the united states of america, let me present to you the former speaker, the future speaker of the united states congress, the honorable ms. nancy pelosi. [applause]

much, greg. very i know that we are all eager to hear from the panel, but i am very honored to join the distinguished mr. meeks, congresswoman bass, steny hoyer, and charlie wrangle again, took knowledge his great leadership. i am also proud to join barbara lee, a champion on the global aids issue. joined by theen son of donald payne, our hero when it comes the u.s. relationships with countries in africa. let me just associate myself with all the remarks that have been said by my colleague, absent the compliments of mr. meeks on my behalf. all of the words that have been said about our commitment and the bipartisan way to pass a growth and opportunity

act before it expires. of power africa initiative the president, we have to rule electrifyrtant way to the continent, as well as a lecture five the possibilities for people. i just want to -- we talked about that. dayswe have seen in these have been a remarkable manifestation of the new africa. of countries emerging in a strong way with beautiful diversity from all of the countries. the magnificent possibilities and the need for us to work together. certainly, country to country, but is this the business, public rival partnership, private investment to grow the economy is so important. you will hear from the president of the xm bank about how we have to play a public role in order to facilitate all of that. more pointske two

separate from what my colleagues have said. proude are so very, very of our congressional black caucus. the focus on africa has been part -- one of the pillars of their existence since the beginning of their existence. that has been a strength of the congress and certainly a source of information, intelligence, and communication with the continent of africa. my personal commitment is one that i always say. i met my husband in africa, south of the sahara. it was the name of the course i was taking in college, it was called the history of africa south of the sahara. low and behold, there he was.

the professor told us that in order to understand africa's style, -- africa north of the sahara, you had to understand africa south of the sahara. we made our trip across and down. this was a long time ago. countries had different names, different configurations at the time. you awill say, to give clue as to when it was, president kennedy was the president of the united states. , as students, that it was really important that we understand and respect africa. because of what was happening in the world. it was the right thing to do, it was our interest to do so, but respect us ifca we did not respect african-americans in our country?

thank you for helping us to advance civil rights in america by doing that. [applause] so, i love africa south of the sahara. i have always had a very keen interest in learning the different languages from tribe to tribe and all the beautiful diversity. i have these notes and i was a few minutes late as i was on the phone with president johnson. i told her how much we mr. here and how this was a great conference but incomplete that she was not here and help president obama in his remarks yesterday from the start acknowledged and wished that liberia and sierra leone and guinea could have been here two. i told her of our commitment. , theill hear from usaid

disaster response team that has been sent there from cdc and u.s. aid, she thanked us for that help. i told her that yesterday in one of the panels with the president , when asked about ebola they talked about it as being a global challenge. that was an attitude that we all shared. it was not about one country or one continent. it was global and we had to work together on that. -- we must completely continue on the progress and each individual country is a continent. something that we are advocating in the united states, when women succeed, america succeed.

thank you, welcome, congratulations, and good luck. mr.me just say it again, meeks is here doing this, but he does it every day. he is constantly advocating for our interests in africa as being in our national interest in the global interest and in the interest of our friendship with the countries of africa. thank you again, kendrick meeks. [applause] >> we had a kendrick, he is no longer with us. mr. meeks, internationalism. thank you very much.

i just want to acknowledge him real quick. the former governor of new york, the honorable david paterson -- where is he? there he is. [applause] let me just ask him to stand up again. but he was succeeded in congress , who has hit the ground running and picking up where his dad left off, the honorable donald payne junior is in the house. [applause] and now for the last welcome remarks. i want to bring up an individual history.so american an individual who is one of the

original founders of the congressional black caucus. the individual who understood and understands -- many of us do not know the country of which we come from on the continent of africa, so it is our decision to adopt the entire continent. he has been moving and always ahead of the curve. it is now easier. it had to be somebody's brain child. somebody had to think of it. this was what we needed to do. .his was the next step he happened to have been on the ways and means committee. many pieces, i don't think any

from the great city of new york, charles rangel. [applause] >> i am going to have to get greg to introduce me wherever i go. [laughter] this is an exciting opportunity. it is still historic. things about where the seeds we planted 15 years ago are, they go far beyond our legislative imagination. in support of a political and legislative career it gives me the opportunity of seeing the chairman of the new york state democratic party and former governor of new york, david paterson, here.

i don't know why he is here. [applause] but the speculation in new york is that maybe charlie wrangle won't run again. [laughter] another lovely young lady who i have known for 60 years, married for 50 of them, who believes i am addicted to public service. i told her that these are the last two years. maybe she's here to see whether publicly i fulfill that commitment. so, i say to the state democratic leaders and to my beloved wife, yes, these are the last two years. [applause] but it is the last two most exciting years. ,ho would have ever dreamed with the books we were forced to

at --the dissent of and that the son of an african citizen would be president of the united states of america? [applause] thought thate ever he would be living in a house that the slaves of africa ill when they built a white house usher in mark [applause] who would have thought that america would be part of the first continent to respect the place where humankind originated in africa. who would have thought that the distortion that nobody was built , all of this that happened with children -- it was people who gave economic and political power to change history and the way would make them feel as

though they were superior. i tell you, having 50 african leaders and the white house and in the united states congress, the whole world is watching what we do. we are not only going to shift the economy towards equality for kids with the the -- decent health care, educational aspirations, but we are going to let the whole world know that this is not going to be what .sed to be it will be our ability to learn and respect each other as humans. [applause] yesterday that there is some kind of african proverb that i am going to mess

wasbut what i got out of it the water, you have to protect the water so that that person doesn't fall because the water is needed to. in this complex world that we live in, with poverty, we wore, and it struck of weapons, we do have a continent that unfortunately has been left behind. continento have a that has never really had to be needed so much as the people in africa, the people of the world need the people of africa. so, my brothers and sisters, you are indeed a carrier of the world's water. place where new and exciting ideas can be planted and blossom

. and the whole world will once -- i restore the a glitzy can't tell you how we are. anyone here know how to play poker? only one? well, and poker you can't win unless you're in. can't win unless you play. so, let's deal the cards and have some people talk about getting together with deals. let's get on and make deals. less you for coming here. [applause] so many made -- we have people in the united states of america. we look like you.

we think like you. all you have to do is share with be,ho we are and who we can for children, our children's children, and i don't care what history we are making thank you. [applause] >> that's why we call him number one. the new york delegation, the king and father of the congressional black caucus, the honorable charles b rangel he. -- charles rangele.

the agencies that help to advance business and open doors, i want to bring up with some comments, bring them up and let them speak to you. tohink it is significant him, littlefield, from opec. ceo of thethe memorial challenge corporation. the deputy assistant administrator at usaid. adf.eo of the u.s. and the director, please come forward. [applause] one right here?

>> that was certainly inspiring. thank you for your warm welcome. there are a lot of us here, we will than two minutes, maybe three minutes max about what we are doing and how the summer has gone in our mind. it was very powerful, the summit, for me, and the incredibly powerful message not only to the people of the united states that the future of africa is bright and that perceptions are out of date, but also to the people of africa that we want a relationship that is respectful and open to opportunity. it has been critical not just to be in this event as a part of that, but to make sure that these messages come from all of

the elected officials in this country. thank you for your leadership and that. ask. business, as you i had the privilege of running the government finance system, opec. our mandate is to stimulate emerging markets, and in so doing help u.s. businesses gain foothold in those rapidly growing markets. we do that by providing loans and guarantees, private equity and political risk insurance to investors in those markets that are investing in sustainable economic development. our deals range from $1 million to $300 million, and our work and after the has taken off. under the obama administration we're doing four times the annual volume in loans and equity that we were doing in the beginning of the obama administration. of our 18a full third

billion-dollar portfolio and we are proud of that. it has been driven by the fabulous things that have been happening across the continent, improvement in investment climate, security, and the growing awareness of opportunities on the confidence. i wanted to talk about a couple of examples of deals we have done with people in the room right now, ranging from a small business hotel in south sudan, which we are financing and will september, if everything goes well. a wind facility, 310 megawatts. we provide insurance for that deal. it will be the largest facility on the continent of africa. we have other programs we have been together with usaid, the medical fund funding small medical facilities throughout the continent, one of the

best-known private equity funds on the continent, and yesterday we signed a transaction with a bank in morocco and wells fargo to provide small and medium loans to partners throughout the continent. the most important thing for me to say here in this house, though, is that our work in africa is not only booming, but it is performing. we consistently write off less than 1% of our portfolio in a year and this is remarkable given that by mandate we invest in things the private market will not do. we're only writing off 1% a year, and this is important because it enables us to make sure we are generating cash every year for the taxpayer, and since the obama administration started we have returned 2.5 billion dollars in deficit reduction. i wanted to end with one quick thought. there are a lot of forces coming

together propelling africa's growth, our work there, and making it such a bright future, but there are two particularly bright forces i see driving the growth between now and 2015. y, -- youth of course, the youngest continent on the planet, and technology. everyone has a in the back pocket, atm card, technology that is greater than the technology that took us to the moon. when you combine people that are young and growing and technology in a wide open market, you may see that africa is home to the most efficient part of the, fast-growing population of 2 billion people that ever lived. the challenge here is to make sure that it is inclusive and leaves not one half of the

confident -- continent in poverty while the other half rises. we welcome both graphic and an american -- both african and american companies. we welcome your business. thank you very much. [applause] >> thank you. i am the ceo of the millennium challenge corporation, looking out at many friends and partners. many of you know mcc, which is created a deck and a love -- i onto focus singularly growth, and i am proud to say two-thirds of our investments are in africa and yesterday we signed our 13th contact in africa with donna. -- ghana. is reflectiveact of the themes we have heard today -- focus solely on energy and power. it is transformative in the distribution sector, and it has

about $4 billion in the capital coming in behind it. those are all factors that we want to develop with the private sector. we'll work closely with the private sector, but as we go forward in these deals, i am mindful of doing business in this forum. country byn a country basis, so i wanted to tell you the seven countries where we are in compact development right now and hope to come forward with investments -- tanzania, liberia, then then, --rra l -- sierra look sierra leone, morocco, and niger. they are looking to do $2 billion in investments and my folks will be here to hear from you about ideas on what we can do going forward. the second point i would make aickly is the importance of goa.

there are a couple of ideas we are looking to develop. one is the notion of regional integration, the potential to really drive economic growth through regional integration on the continent. mcc is looking at its ability to do regional investments, and that is something we could see on the future. a strength to growth analysis, and part of that analysis will be specifically focusing on how to build trade capacity with partners we are working with on the continent, and that will show investments that help in that space, too. those are ideas as we work forward to develop our plan power the context of africa, taking our engagement with the private sector to the next level. we have been closely linked with the private sector in these investments since mcc was

created over a decade ago, but in these investments that are coming forward yesterday at the business forum and over the last 48 hours, we have had many conversations with investors and ceos such as yourself about how investment as a platform over five years to do other investments in the sector, and we will be working toward that. i want to say thank you -- thank you to congressman meeks for having us and we look forward to the panel this afternoon. [applause] >> my name is linda, and i am as, but i wanted to send along his regrets for not being here today, and what is encouraging to know is his conflict is a conflict that has to do with africa. we have been wonderfully encourages entire week of having these conversations, actually seeing how many people and how much energy is out there, and the forward movement we are

seeing increasing. the african leaders summit is the culmination in a lot of ways of usaid's relationship with africa. we have president obama's strategy for global development, power africa, trade africa, the young african leaders initiatives, health is the future, climate change -- all of these things focus on development, and they are also focusing on private sector partnership. is in a uniqued position to partner with you, with usaid partner agencies to the commitments that have already been made this week. what we are really excited about as well is there has been a quiet revolution. we have seen a fundamental shift 'n the united states relationship with africa, a fundamental shift in how we are looking to do business with africa, and as you look at the people on the stage, we will tell you over and over is we know we cannot do it alone.

the model that we have had for thinking about aid without working with a sustainable model that works and other donors, of the partners, the private sector, is not sustainable. this is something i think we will see more and more this week, and what we are hoping the commitments over the following weeks will come to fruition on. some of the about initiatives that are coming out, the young african leadership summit last week, which brought 500 young african leaders and announced $38 million in new , andtments for the network something that we were not actually anticipating to be -- the private sector to be as excited by it. we saw company such as the mastercard foundation, out and commit to matching funds. we have seen power africa, which has secured private sector commitments of $20 billion. we have seen trade africa, which is building on the work and

trade capacity that we have been africa forin east many years and we have seen different companies come up and say this is something we are largely interested in. we have trade investments centers that we have opening throughout the continent this year. i know that one of the things i would also like to say is that stood as a private capital group for africa, understanding that we need to change the way we do business. so, for some it is an historic, exciting event, and it is an exciting time for us in the u.s. government to be working together and partnering on africa, and i think the development agencies are standing ready to partner closely with the private sector on the capabilities happening and the constant -- in the confident. thank you. [applause] >> hello. good afternoon. thank commerce

makes and the of agency heads. i am president of the u.s. african development foundation, or usadf. my small institution is exclusively focused on africa, and we were launched through an act of congress over 30 years ago, and with a very specific mandate, and that is to reach out and work with the grassroots of the economy of africa, and to enable economic growth from the ground up to make sure there is broad participation in economic opportunities. this is particularly and inciting time to -- an exciting time to have such a mandate because as we all know we are seeing on positive growth in africa -- we all know we are seeing unprecedented growth in few years, the last and what becomes important for an institution like our own and like for many of you in the room, we want to see

inclusivity, a teacher all africans have the chance to participate in the growth that is taking place so that that -- future that all africans can participate in the growth that there is taking place and that can be a bright future for the whole of the confident. . will start with agoa when we think about the at the -- african growth opportunity act, and the focus on trade, many people cited the fact that small producers are also involved. our grantees, and to , we havele on usadf grants out to 18 countries across the continent, and of those producer groups, a full third of them are exporting regionally or international. , weee the renewal of agoa want to be looking at how to make it more possible for more africans to participate in trade

back to the united states. that is number one. we are also very active in the power acted to -- africa initiative that you have heard about. , that means a focus on off grid energy solutions. it is easy to lose sight of the fact -- this is an mentioned already, but more than two-thirds of all africans do not have access to electricity today, so the real goal will be what our new types of solutions that cheniere energy out to these rural areas, and our mandate is to work exclusively with 100% african owned and managed companies and organizations. we have been providing grants to providing off grid energy solutions, renewable energy solutions. i will wrap up with a note about the young african leaders initiative, which you have already heard. once again, last week, we are so honored to receive 500 young

african leaders, and the focus of my small institution has been to provide entrepreneurship grants, so that when these young african leaders return to their countries, they can join you as partners in the private sector, developing new ideas and new solutions to help move africa for. with that, thank you very much. . [laughter] -- [applause] >> thank you. i want to say thank you to congressman meeks for the invitation to be here today. i'm going to be brief because i know we want to hear from our african guest but i want to say how proud i am to be at the summit. it is historic, and frankly, it is going to be memorable as well. what we heard today that is so important is not only the focus on business, but the focus on partnership, and that is what ustda is about, the focus on

partnership, public-private partnership, and also partnership between government and the private sector as well. mission, as many of you know, is to link u.s. businesses to emerging opportunities in emerging markets around the world that we are truly committed to africa. yesterday vice president joe biden announced that ustda announced projects will be $1 billion of u.s. exports. it is a combination of the commitments over the past kate decade, forhe past 100 projects, and also the ability to work together. how do we do this question one of the things is we listen -- how do we do this? one of the things we do is ,isten to what the goals are and that is what we respond to, but we can respond to american ingenuity.

american products, american services, american ideas, but doing it in partnership. what we heard is one of the things that is really needed is project planning services, so ustda provides grant funding for feasibility studies and technical assistance in pilot projects. the other thing we heard was the value of people getting together. congress and meeks mentioned -- congressman meeks mentioned that secretary penny pritzker announced yesterday that the commerce department would have 10 trade missions to africa and she also announced on our behalf reverseda will have 10 trade missions, bringing people to the united states to meet with u.s. businesses. so, we want to be able to work together and continue what we are doing at this summit. this is not just a one-time thing. this is the beginning. this is not the ending. of uss a matter of many working together and we should continue to work together. the one thing, as we close, i

want to thank our guests from africa, your leaders, and all of you for coming. it gives us the opportunity to return just a little bit of the hospitality that you have shown to us. so, thank you very much for giving us that opportunity, and thank you for being here. [applause] >> let me also acknowledge the presence of one of my other colleagues who just arrived. -- is a dynamite individual she was on foreign affairs. she is on the judiciary, doing homework there. she is one of the most articulate and that here at -- active members in the estate

congress, one of the most persuasive members of the united states congress, and an individual we depend upon in the congressional black caucus to always speak up and tell the facts as they are. the lady fromly, the great state of texas, sheila jackson lee. [applause] know, what does a lot of great work for us, and any time i travel, no matter where i go, i look at what happens for those from public service coming from our state department because the state department puts up the diplomacy that we have around the world. we have with us today an individual who has been focused in trying to make sure that africa, the continent of africa is on the voice and on the mind of everyone in the state department. she is an individual that i am very proud of. we had our little forum in new york earlier. is doingng what she

today, our moderator, and we will turn this segment of the afternoon over to her. let me introduce to her and bring forth this -- ms. lisa williams from the united states department of state. [applause] >> good afternoon. can you hear me? i have been given this microphone and told not to stay at the podium. when we set up, let me just say that for many, the u.s. embassy is the first point of reference. if you can get a meeting with certain ministries, we come to your embassy to see if we can give you information, and we will now have hubs containing all of the representatives of various economic agencies to help our businesses. we have come to the part we have been waiting for. i would like to introduce our ministers. from nigeria.

he will be our guest speaker. i want to have all of the ministers said don first. -- sit down first. we have the minister from the republic of cameroon. french] all right. he has had a very good time helping our economy. convention -- [speaking french] and we are still waiting for the minister of the camera room or are we going to go on? -- cameroon, or are we going to go on? ok. during this section we ask that people line up, and you be

direct with your question. we have on the representatives that are also here, so i would othero ask ministers from countries that are here. yourself.nd identify [applause] [speaking french] we will await the arrival of our next guest. another thing that i could say we have any extra people that are willing to translate that might be helpful, into french. there have been many exciting things that have happened this week, not only without formal ourtions -- sessions with president, our vice president, and our first ladies forum, but we have also had lots of auxiliary events.

it was an important event yesterday about helping african women entrepreneurs, helping them break through their own glass ceilings, helping them figure out how to find their own resources. these are some of the things you might want to pursue in your questions. other questions businesses have, particularly american businesses, as they try to think about how to make an in road in africa, what are your investment codes, is my money going to be find out abouti other african companies that might be willing to partner with my company? please think and practical insisting terms, but this would be a great opportunity -- and sustained terms -- assistant terms when you pose your questions. we are still waiting for a minister. here's a we're going to do. we will be flexible. nigeria has been one of our focus countries for our africa.

it has been a great partner not only empower africa, but in every aspect of our relationship and we are honored to have you here and we welcome your remarks. .> thank you very much i think i would like to just make the comment that nigeria, most recently, underwent the most ambitious privatization of utilities in the recent history globally. that privatization exercise encompassed the total loading of the entire generational assets for electricity, power from then in nigeria private sector, as well as the entire distribution of the whole country to the private sector. a other words, we proved from

controlled government, dominated and controlled utilities with productionlectricity to one that is essentially controlled at the generation and distribution and by the private bytor -- distribution end the private sector. that exercises formally concluded on the first of november last year in a most globally accepted hallmark for such transactions all over the world. the entire transaction was viewed as very transparent, and we really appreciate the work of and so many of the development agency that came to the aid of nigeria in helping us to get to the nitty-gritty of doing things in globally accepted ways, and ensuring that

accountability and transparency were the watchwords of the day. ons needed a lot of average the part of the president, goodluck jonathan, because there was a lot of resistance initially, but when the government realize there was no way to move forward with regard to delivering electric power to government doing it alone without the private sector, government had to muster the courage. now, what do we see? ofause of the huge demand electricity in a population that , 50%out 170 million people of that population is between and 35, and a

population that had -- an economy that has been growing. it is an economy that is not become number one in africa, and a population that continues to grow. we have a huge demand shortage in electricity. actually, right now, the suppressed demand for nigeriaity in quadruples the actual generation of electricity, so that is the reason we went to privatization. affords an incredible and fascinating opportunity for investors from all over the world, but especially those of , traditionally, in the united states of america. we have a massive population that continues to grow, as i said earlier. one good thing about the entire process is that it was happening at the time that president obama

declared the power africa initiative. has power africa initiative given a lot of muscle -- legal muscles,ransactional expertise in all forms, to those auxiliaries and agencies of through theet up it is an operation that has grown to be transparent. talk about power africa, initiated by mr. president obama, i think we do not just think about electricity, but power africa means powering industrial growth in africa, powering manufacturing in africa, the economy and after, the health system of africa, powering -- in

africa, powering the health system of africa. all of these goals could not happen without electric power, and that is one thing the president of the united states has done not only for africa, but for the world, because if relief, it a sigh of battle of thee world, and if africa continues to grow an industry continues to grow, some of the needed aspect of growth in other countries that are beginning to see tepid growth or even negative growth will be corrected by the growth of africa. so, what are we looking for here ? we are not looking for aid. we are not asking for handouts in africa today. shiftis a huge paradigm from the days of aid -- [applause] we are not looking for handouts. we are looking for partners.

we are not looking for aid. you are looking for investment. we are not looking for philanthropists. we are looking for mentors. we're looking for people that how tolp us to learn fish, and not just give us pieces of fish from time to time. [applause] so, when we get to this -- and i just want to in a minute share with you why the government of nigeria has succeeded or is succeeding in privatization. it was very critical that we put are --nism in place, who or mechanisms to accelerate the sector. how do we do that? creating an enabling environment -- legal framework, social frame work, the quality framework, that attracted investments from all over the world. we have a robust legal framework

to back up these privatization exercises and attract investment into the country. we also have assured an efficient cost -- cost recovery mechanism. we have put in place very good agreements. betc,overnment set up the n -- give power to those that would want to come forward in nigeria. we also have african development banks giving partial guarantees to those who need these comport systems in order to deliver finances to those who are investing. we have also made sure that it is not only affordable, but

favorable to the investor, so that at the end of the day nobody leaves the country without making sure that investment has been recouped. in addition to that, we have stable qualities. since 1999, we had a democratically elected government. i want to share this with americans who think that africa is the africa of yesterday. things are changing in africa. governance is becoming better and better, more transparent, more responsible, more proactive in assuring that the framework is made before direct investments. we're also working on making sure we have a holistic approach to power growth. if you have a situation like in generatingay, we are 4000 megawatts of power with a population of 170 million.

south africa with a population of 43 million is generating 40,000 megawatts. when you talk about electricity consumption, it is 40 times that of nigeria in south africa. you can see that what we regard as a problem is a massive investment opportunity for those who would like to latch on to this to create the environment for power to grow in africa. having said that, i want to say thank you to the congressional black caucus for making this possible. we are so grateful. i happen to be a product of american education myself. we pray that you continue to strengthen the entire

[indiscernible] to seeca not attend -- africa not as a it was, but as an investment, and it is a win-win for everyone, so that in the day everyone will be satisfied that the new paradigm on --where i the emphasis whereby the emphasis on investment and not aid has triumphed. a lot of us will be better for it. thank you very much. [applause] >> thank you, mr. minister. does the minister from cameroon want to come to the stage? no, ok. we will move into the questions. -- this should be not just about energy, but particular for american companies that are here, if you have questions about sectors that companies are interested in, we have the minister of energy from the democratic

republic of congo. we have the minister from nigeria, representatives from the american chamber of commerce in egypt, and also -- also in the room. so, we welcome your questions and i will pose want to get things started. you mentioned yes, africa is changing, things are different, governance is more transparent. what can an american company to expect to be the process, or the waiting time -- should they come with an idea for a partnership and even having a bona fide nigerian partner, or would be the process for getting their partnership established, and go through the red tape -- is there no tape, in order to start their project, say an energy project abuja, yes. or speak a little louder.

.ay something, and then we will >> is it on the -- on now? [indiscernible] well, that did not work, did it? ok. >> testing.

>> you can stand there like you're doing a hearing. >> thank you very much. it used to be that the way of slowinga things down with regard to company registrations, doing business, and things like that, and many foreign companies would come, and the first impression they get is that this is not a welcoming country. notealized that that is worked out well for the country, and because of that, the government has put in lots of thatnisms trying to ensure a time for registration of companies is done very quickly, and in a way that is not , reduces the all

amount of information that is required, and also encouraging people by making information available on the website, and ining these things possible all of the states, not just .buja or legos in every state of nigeria you can do that. i would think that those who have had experience with companies that already work in nigeria would realize that rarely does a company come into nigeria and leave nigeria. when they come, they stay. them, why do they stay? things were so horrible, most of those companies would have left. things are actually improving, and if you have any problems with regards to power, you can directly come to us and we will try to help you to resolve whatever difficulties you run into. >> thank you, mr. minister.

we have the minister from the democratic republic of the congo who has not had an opportunity to say anything, so i would like to give him something as an introduction, and that we have at least one question. >> thank you very much. excuse me, i cannot continue in english because it is very bad and very poor. a translator can speak for me. >> you are not turned on. ok it is? >> [speaking french] >> ok, he is saying that the democratic republic of congo is one of the major areas where

-- theis supposed to be energy endeavors that have been launched by the president are supposed to be focused. i want to start with that, and then he can continue. it is not exactly the dialogue. >> yeah. know there are two stories. [indiscernible] [speaking french]

>> the united states of america constructed the first electricity line in the democratic republic of congo. worth, thanketers you. you know what, i think it would be better -- in other words, congo is a country not as well-known as it used to be. its vast potential is huge and we have some people. >> i can help translate. yes, because this is very important information. [speaking french] french] ing >> the drc is a country in central africa that has 2.5

and 77 square kilometers million inhabitants. french] ing >> to give you a good idea of where it is located, just to remind the american people, it is the country where the heavyweight championship was held in 1974 with mohamed ali. [applause] >> [speaking french] powerhousevery huge in the continental level.

>> [speaking french] >> the country has more than 100,000 megawatts potential, and actually, only with the first phase, we already produce 40 million the cost. -- megawatts. 3000 -- 40,000 megawatts. french] ing >> this is the time to remind you that the united states builds 1600 kilometers of continuing power that are still working up until now since 1976.

>> [speaking french] [laughter] dam andlly, the infrastructure was renovated by india and we wish that the americans come back to continue the work. >> thank you. now, yes, our first question. >> thank you, and welcome. plant oil-powered fore old, or pop diesel short, is the first to have the approval to use oil from the seeds of the actual foot tree as fuel to power diesel engines at 100% concentration in place of

petroleum diesel. trunk may know, the tree -- rose in all of the tropic -- grows in all of the tropical areas of africa naturally, and therefore you are in possession of a resource -- the land and the climate conditions -- that can allow for this totally renewable source of energy to be cultivated for your domestic use and for export to the united states. diesel, is pop looking for investment partners that can make this happen, cultivate in the areas of africa to produce the oil to power andel energy -- engines electric power generation in africa, and also, if you allow the oil to be exported, to supply diesel engines at 100% concentration in the united states.

i am curious if you are aware of possible indigenous source that is native to your country, and if you would consider taking any steps to allow the cultivation of thetro for trees -- trees in the non-arab tropical non-aridyour -- tropical areas of your country where we would not be cutting down trees, but basically reformers -- we forest and grasslands in the northern part of nigeria, for instance, and one of the huge advantages of using it as a biofuel is that it is not edible for humans, and therefore the cultivation does not compete at all with the companyor food, and my the cultivation so that we are promoting food

populations.ative is this something you are considering in your country? asked the wife or the information. yes, we -- >> thank you for the information. yes, we are aware of that, but one critical thing we need to address is the issue of alternatives. for instance, in nigeria, where we produce a lot of oil, diesel however, thatt, not withstanding, the solution you are addressing is very critical for deforestation of those areas that are totally did -- be-- before us forested. de

you can see that it is increasing in nigeria at a very rapid rate. can do this saying with a declining of deforestation and at the same time producing fuel in such areas that we really need a lot of transportation to take the diesel back. one thing we need to consider, of course cap -- of course, in all of this, is cost. it is good that it does not compete because once it competes with human consumption, that becomes a primary reason to debate whether it is adoptable or not. since it does not, it is would be glad we to consider very seriously, but we would like to really know the entire mechanism for growing of

this crop. how many hectares does one need to produce enough biomass to produce 1000 liters of fuel, and things like that. these are the important mathematical modeling to that we will need to do and compare that with what is already available, because if we can really produce diesel cheaper than that, like whysaying would go [indiscernible] it would be better for people to utilize that method. >> mr. minister, if i could mention to you that the cost model, which we have not done in nigeria but we have done elsewhere in west africa, is that the oil can be produced and provide additional income to small-scale farmers, and that the oil can then be produced on a large scale and sold at a

price that is at least 15% of the prevailing price of the petroleumiesel -- diesel not only in west africa, but also the united states. >> ok. thank you for the united states -- thank you for the information. >> do we have a question from the other side of the room? >> good afternoon. i am from new york, a member of district andeks' i'm delighted to be here with people from new york. the question that i want to ask is how is africa, and in particular the large economies of africa, that are trying to integrate smaller minority businesses from africa integrating smaller -- america, integrating businesses in their economy? when we look at projects put forward by large companies like

ge, etc. -- africa have small companies, entrepreneurs -- what are the parameters you have set up so that small companies like -- like ours can go into africa and develop entrepreneurs? i am particularly concerned about nigeria because our company was formed with the idea of leaving a trade mission to niger in 2008. we never went, but we still intoved -- nigeria thousand eight, and we never went to we still survived for six years and still want to. >> one thing many people do not realize is the kind of opportunities that are available that very large companies that would -- would not actually be interested in jumping into, and that is with regard to power supply for now, we have tens of thousands of communities in nigeria that are not connected to the national grid.

far live in areas that are from the national grid. the cost of taking electricity to them using the national grid is so prohibitive that it might take more than a decade and i have to eventually cover most of those -- and a half to eventually cover most of those areas. that is were smaller companies come in. these are communities, autonomous communities, another, andm one these are the kind of things that a multibillion dollar company might not be interested in doing them so the smaller companies can actually come in to produce smaller, renewable start a large to number of communities, large communities, small communities, as the case may be.

for servicing of equipment. said, we produce so little electricity compared to what we actually need, the suppressed demand in nigeria now quadruples the amount of energy we produce, so if we are to produce 12 times the electricity we are producing today, [indiscernible] opportunity is there, whether it is for small companies or large companies, but the model we are looking at for the megawatts that are being produced by the larger companies, there is a constant opportunity for smaller companies to come in in a because they are

models that have been tried elsewhere. >> the minister of congo also wanted to respond to your question. >> [speaking french] >> i will speak to both sides of the question. we are very familiar with the plan. >> [speaking french] >> the minister is indicating that all of the african deficit. is under a

nigeria,africa and there is a deficit, but in the congo we have statistics that can beat all of the production made from other forms of electricity from a hydroelectric dam. >> [speaking french] itsnd the congo with president has put all of the congolese electricity resource

to africa, so that is why we are working together with nigeria and south africa to build, not finish,build, but to finish the account judgment of to exploit the sectors related to electricity production and distribution. noticeve gotten my third that we want to make sure we get to all of the elements of our program, so i ask that everyone holds their questions. what this short introduction of what is going on in the energy shows there isa a lot of potential, interest, and a lot of approaches one can take, so we need to move into our next panel, so those of you that have questions, write them down, and there will be a networking session afterwards and you can approach the ministers on the site for more specificity. minute like to give one

-- the last word to the promised her of the congo. want to -- i just want to give the last word to the minister of congo. >> i wantng french] june ofyou that since last year -- >> just like in nigeria, we are open and the president fully opened the privatization of electricity area, so anybody, any american can come and put in place a dam and produce electricity and start making business. >> if you not get the message once or two times, or three times, congo is open for business, nigeria is welcoming american businesses and

companies, and i want to say to my to both ministers for your patience and contributions. >> thank you. >> thank you. [applause] speaking -- [speaking french] sorry. ok. >> now we are going to begin our and tologue session, moderate and bring our panelists for the going to ask africa bureau chief for "the wall street journal" to please come on up. let's give him a round of applause. [applause] >> thank you very much. ok. is --

so -- i have several sessions, but first want to bring in the ceos for the first session. energy and electrifying africa, could you come on up and take a seat when i call your name, please? basel? mr. basel, chairman and ceo of carbon holdings. [applause]

mr. gilman, the ceo of ea power limited. [applause] and the cofounder and director of ats. [applause] and mr. shaw, ceo and chairman of bigco oil refineries. [applause] before we get into the session i tony,like to introduce the ceo and chairman, founder of eris holdings. please come on up and addresses. thank you -- address us. thank you. [applause]

>> good afternoon, ladies and gentlemen. thank you all for being here. and thanks to congressman weeks for making this possible. i'm honored to be here with you all. i want to begin by thanking forcing thisma for summit and for recognizing that there is in fact a growing [indiscernible] for mutual economic benefit. thank the peopl