Following the Frontier 100 Forum in New York City, IGD organized meetings for interested CEOs with a number of U.S. government agencies focused on increased investment and economic development in Africa. The purpose of the meetings was to generate increased awareness of major U.S. government development initiatives that stimulate private sector activity in Africa as well as the availability of tools and resources to help support private investment with development impact.
U.S. Trade and Development Agency
Frontier 100 CEOs in attendance shared their business strategies and potential areas of alignment with USTDA Director Leocadia Zak and her deputy, Paul Marin, who is in charge of the agency’s Sub-Saharan portfolio. USTDA funds feasibility studies and reverse trade missions to support increased U.S. investment in frontier markets. The most promising areas of follow-up include projects with U.S. partners in infrastructure, food processing and equipment, cold storage, ICT and rail.
U.S. Agency for International Development and Millennium Challenge Corporation
In a discussion involving Frontier 100 CEOs, executives from MNCs involved with IGD’s Development Partners network, and representatives from USAID and MCC, participants focused on the potential opportunities created by the U.S. Government’s focus on power and rural roads in Tanzania and power and access to credit in Ghana as part of two major initiatives: Feed the Future and Partnership for Growth. The meeting was hosted by Assistant USAID Administrator Eric Postel and MCC Deputy Vice President Jonathan Bloom. Frontier 100 CEOs made clear that while their investment decisions were not dependent on any U.S. Government programs, it was extremely valuable to know about major public investment and assistance programs related to critical sectors such as agriculture and power so that their future strategies can take them into account. CEOs also stressed the objective of “doing no harm” and ensuring that U.S. Government programs do not undercut or compete with local capacity, for example in pharmaceutical manufacturing.
Panel on Investing in Africa’s Power Sector at Center for Strategic and International Studies (CSIS)
Three Frontier 100 CEOs – Joseph Brandt (ContourGlobal), Paul Hanrahan (AES) and Rob Mosbacher (Mosbacher Energy and formerly OPIC) – spoke on a panel at CSIS on the challenges and opportunities presented by Africa’s enormous power needs. In addition to providing insight into a number of positive steps African countries have taken recently encouraging investment in the power sector, the discussion revealed the different approaches of publicly-held and private companies in challenging markets. Video of the event is below and may also be found here.
Frontier 100 Dinner with Novus International
In cooperation with Novus International, IGD convened Frontier 100 CEOs with a number of U.S. corporate and African ministerial representatives participating in the Corporate Council on Africa summit. A number of potential partnership opportunities were identified between public and private sector entities in attendance.