FOR IMMEDIATE RELEASE
October 11, 2004 

Contact: Sonya Penn
Telephone: (202) 835-1115
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WASHINGTON, D.C. – More than 400 participants from throughout Africa, Europe and the United States met last week in Johannesburg to address the challenge of increasing capital flows for investment in Africa. The lack of investment in Africa is one of the major problems preventing economic development on the continent. The conference, directed and planned by the Corporate Council on Africa, and co-sponsored by the US Export-Import Bank and a number of private international banks, was hailed a success by its participants, representing high-level executives from financial institutions and corporations from all over the world and senior government officials from throughout the African continent.

The conference was designed to strengthen U.S. African business partnerships to help meet Africa’s capital needs for infrastructure and other projects. Conference design included on-site matchmaking to provide immediate opportunity and follow-through.   Project sponsors and potential investors were offered the opportunity to participate in one-on-one meetings and to engage in discussions on relevant issues to their business with experts in the particular field.

The conference highlighted priority infrastructure projects and other financing issues, such as effectively utilizing credit ratings, assessing capital markets, financing agribusiness projects, examining project and structured  trade financing and financing IT projects.  Key conference speakers included April Foley, First Vice President and Vice Chair, the Export-Import Bank of the United States, Obyezeksi Ezekwisili, Senior Special Assistant to the President of Nigeria, Wiseman Nkuhlu, Chairperson-Steering Committee, NEPAD, Arunma Oteh, Treasurer, African Development Bank,  Lionel October, Deputy Director General, South African Department of Trade and Industry, David Griffiths, Senior Managing Director, New York Stock Exchange, Harold Doley, Chief Executive Officer, Doley Securities, Nathan Mintah, Director, Corporate Finance and Advisory, HSBC Bank Plc, and Modise Moatlhodi, CEO, First Rand Banking Group-Public Sector Banking.

Ms. Oteh, one of Nigeria’s leaders of the economic reform movement in that country, noted in her opening speech, “The theme of this conference, Increasing Capital Flows to Africa, is clearly important and timely, especially given the current low levels of capital flow to Africa.”  Oteh said it was important to continue to build greater confidence in the international business community for investment in Africa.

Several speakers noted that although global investment and trade is still at low levels, the trend is beginning to shift. Ms. Foley indicated that, “Overall U.S. exports to Africa increased by 7 percent in 2003 to $11 billion.”  Although exports are not investments, per se, the increase of US exports to Africa does indicate a growing ability of the African market to buy abroad.

Numerous participants praised the conference. Luanne Grant, Executive Director of the American Chamber of Commerce in South Africa, a leading US business organization in South Africa,  stated, “What I particularly liked about the conference was the pragmatic, no-nonsense approach that was followed . . .  there was a realistic approach to finding solutions.” 

CCA President Stephen Hayes said, “ The conference, like most of our programs, had a hard-nosed realistic approach to business investment in Africa.  We know the challenge of promoting investment in Africa is a long-term effort.  Investors must be committed to the long-term prospects, just as we are committed to long-term engagement required to change the economic conditions in Africa through greater economic investment.”

Conference sponsors also included Imperial Bank, First Merchant Bank, First National Bank, HSBC, Multilateral Investment Guarantee Agency MIGA and Africa Report

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. CCA's website is at africacncl.org.