CAPE TOWN: The White House said that U.S. President Barack Obama will unveil a $ 7 billion plan to upgrade African power networks in bid to end blackouts that deter business investment on the continent.
The initiative, dubbed "Power Africa", aims to double access to power in sub-Saharan Africa, where more than two-thirds of the population is without electricity. (My note: Do they have refrigerators, computers and TVs that need electric power? How will these people pay their monthly electric bills?)
Despite breakneck economic growth, an estimated 587 million Africans, roughly half the continent's population, do not have access to electricity, according to the International Energy Agency. (My note: Neither does North Korea --- should will build them a power grid too?)
Only around 25 per cent of people in rural areas have access to electricity. (My note: They are probably not still living in grass huts either.)
As Connie Kaplan, a famous 99er, just recently emailed me: "Why the hell can't our Prez & govt spend 7 billion on INFRASTRUCTURE THAT WE DESPERATELY NEED? It creates jobs. I'm sick of our taxes being used for nation building vs. our needs!"
Currently there are 3.8 million job openings for 11.7 million
unemployed Americans. But the United States will commit more than $7 billion in financial support
to Africa over the next five years. The list of government agencies and their
Obama-appointed globalist leaders include:
U.S. Agency for International Development (USAID) will provide $285 million in technical assistance, grants and risk mitigation to advance private sector energy transactions and help governments adopt and implement the policy, regulatory, and other reforms necessary to attract private sector investment in the energy and power sectors. Dr. Rajiv Shah serves as the 16th Administrator of USAID and leads the efforts of more than 9,600 professionals in 80 missions around the world. He was sworn in on Dec. 31, 2009. Prior to joining the Obama administration, Shah served for seven years with the Bill & Melinda Gates Foundation.
The Overseas Private Investment Corporation (OPIC) will commit up to $1.5 billion in financing and insurance to energy projects in sub-Saharan Africa. Elizabeth L. Littlefield was appointed by President Obama as the President and CEO of OPIC, the US Government’s Development Finance Institution. Operating in 105 countries, OPIC manages a $16 billion portfolio of financing and insurance to support private investment in sustainable economic development, especially in the world’s poorest countries. Prior to joining CGAP in 1999, Ms. Littlefield was JP Morgan’s Managing Director in charge of capital markets and financing in emerging Europe, Middle East and Africa.
The U.S. Export-Import Bank (Ex-Im) will make available up to $5 billion in support of U.S. exports for the development of power projects across sub-Saharan Africa. The Ex-Im Bank does not compete with private sector lenders but provides export financing products that fill gaps in trade financing --- and assumes credit and country risks that the private sector is unable or unwilling to accept. Fred P. Hochberg is Chairman and President of the Export-Import Bank of the United States (Ex-Im Bank) and one of the highest ranking business leaders in the Obama Administration. From 2004 to 2008, Hochberg was dean of Milano, The New School for Management and Urban Policy in New York,
The Millennium Challenge Corporation (MCC) will invest up to $1 billion in African power systems through its country compacts to increase access and the reliability and sustainability of electricity supply through investments in energy infrastructure, policy and regulatory reforms and institutional capacity building. The MCC Board of Directors is composed of the Secretary of State (Was Hilary Clonton, now John Kerry), the Secretary of Treasury, the U.S. Trade Representative, the Administrator of USAID, the CEO of the MCC and four public members appointed by the President of the United States with the advice and consent of the U.S. Senate.
OPIC and the U.S. Trade and Development Agency (USTDA) will provide up to $20 million in project preparation, feasibility and technical assistance grants to develop renewable energy projects. These efforts will be coordinated through the U.S. - Africa Clean Energy Finance Initiative (US-ACEF) and supported by the recently launched U.S. - Africa Clean Energy Development and Finance Center (CEDFC) in Johannesburg, South Africa. The Director is Leocadia I. Zak. After being nominated by President Barack Obama in November 2009, Zak was confirmed by the U.S. Senate on March 10, 2010. Prior to joining USTDA, Zak was a partner in the Washington, D.C. and Boston offices of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. practicing in the areas of corporate, municipal and international finance.
The U.S. African Development Foundation (USADF) will launch a $2 million Off-Grid Energy Challenge to provide grants of up to $100,000 to African-owned and operated enterprises to develop or expand the use of proven technologies for off-grid electricity benefitting rural and marginal populations. Jack Leslie was sworn in as the Chairman by Obama. Jack Leslie was Chairman of Weber Shandwick, a public relations firm that had acquired large accounts like Coca-Cola and the insurance company Cigna.
In 2014, OPIC and USAID will jointly host an African energy and infrastructure investment conference. The conference will bring investors, developers, and companies together with U.S. and African government officials to demonstrate the opportunities for investment and the tools and resources available from the U.S. government and other partners to support investment.
MY NOTE: Why? So that American corporations can give the people in Africa jobs, and then sell their Chinese-manufactured electrically powered products to them? (See my post: Obama Hypes Africa for more Sweatshops)