Washington, D.C. — 2nd Annual Conference to Engage Key Stakeholders in Infrastructure Development in Africa
The Multilateral Investment Guarantee Agency (MIGA), a multilateral risk mitigator that promotes foreign direct investment into developing countries, will co-sponsor The Corporate Council on Africa (CCA) 2007 U.S.-Africa Infrastructure Conference's "Financial and Political Risk Mitigation" workshop, it was announced today.
The 2nd annual U.S.-Africa Infrastructure Conference will be held at the Grand Hyatt in Washington, D.C. from October 8-10, 2007.
The workshop which will be held Wednesday, October 10th from 10:30 a.m. to 12:00 p.m. is also being sponsored by the Overseas Private Investment Corporation (OPIC).
As a member of the World Bank Group, MIGA's mission is to promote foreign direct investment (FDI) into developing countries to help support economic growth, reduce poverty, and improve people's lives.
" MIGA is active in many sectors throughout Africa, but one of our key priorities is addressing the region's lack of infrastructure, which is recognized as a major impediment to growth," says Yukiko Omura, Executive Vice President of MIGA. "By mitigating noncommercial risks, MIGA can help investors secure long-term financing in a sector that requires high upfront investment costs."
MIGA has issued $2.3 billion in guarantees in projects in Africa, of which 42% has been in infrastructure. Projects supported include those in telecommunications, power generation and distribution, transportation and sanitation.
As part of the conference, workshop panelists will address the specific ways in which corporations can improve their risk identification, monitoring, and mitigation techniques. Panelists will talk about the pragmatic solutions available to corporations to help mitigate any challenges associated with entering and operating in Africa.
Aptly titled "Building on Stability," this year's conference will highlight African countries that have laid the foundation for investment in infrastructure development through stable and democratic governments, and sound economic policies.
A key aspect of this year's conference will be the increased focus on risk management in Africa. Experts will discuss best practices, and strategies to minimize risks. In addition, business opportunities in key growth sectors including water, security, energy, roads and rails, transportation, as well as information and communications technology (ICT), will be highlighted.
To date, event sponsors include the DynCorp International, Raytheon Company, Global Strategies Group, General Electric, U.S. Agency for International Development, U.S. Department of Transportation, OPIC, African Business and New African magazines, All Africa Global Media, Africa Investor and Times Publications.
The private sector invested over $4.5 billion in infrastructure in Africa in 2005, according to a 2006 annual report of the Infrastructure Consortium on Africa. Almost 75% was invested in mobile telephony, but some countries also received investments from Independent Power Producers (IPPs), and from concessionaires taking over the management of rails, ports, and power distribution. China has committed to lending $5 billion to various African countries over the next three years, mostly for infrastructure investments.
CCA, established in 1993, is a nonpartisan 501 (c) (3) membership organization of nearly 200 U.S. companies dedicated to strengthening the commercial relationship between the U.S. and Africa. CCA members represent nearly 85 percent of total U.S. private sector investments in Africa. Visit CCA's website at www.africacncl.org for up-to-date information on the organization and upcoming events.
