If all goes smoothly, President Obama will be able to sign a landmark bipartisan energy-for-Africa bill when more than 40 African heads of state – all looking to attract more U.S. investment for their economies – convene at the White House for the U.S.-Africa Leaders Summit on Aug. 5 and 6.
Two bills in Congress are waiting in the wings for their high voltage debut – the “Electrify Africa” measure (HR 2548), which has passed the House of Representatives and the Senate’s companion “Energize Africa” bill (S 2508), which is ready for a floor vote. Both bills abandon yesterday’s foreign aid handouts and propose only private sector-based incentives such as loans, guarantees, and political risk insurance as a shock absorber for U.S. businesses willing to enter frontier African markets.
