------------------------FYI------------------------- Judy Miriga Diaspora Spokesperson Executive Director Confederation Council Foundation for Africa Inc., USA http://socioeconomicforum50.blogspot.com
PRESS RELEASE
Elumelu's Heirs Holdings Commits USD2.5 Billion to Obama's Power Africa Initiative
African investment group is the single largest investor to US-led pan-African power initiative
DAR ES SALAAM, Tanzania, July 1, 2013/ -- As part of his commitment to deliver affordable and accessible power to the continent, African business leader Tony O. Elumelu is committing US$2.5 billion to the power sector in Africa. The investment is being made through his pan-African proprietary investment company Heirs Holdings (http://www.heirsholdings.com) – the single largest investor included in the White House statement announcing the Power Africa initiative.
Logo: http://www.photos.apo-opa.com/plog-content/images/apo/logos/heirs-holdings.jpg
Power Africa is a multi-stakeholder partnership between the United States, the governments of Ghana, Tanzania, Kenya, Liberia, Nigeria and Ethiopia, and the African private sector, with the shared objective of accelerating investment in Africa's power sector over the next five years. The initiative was launched in South Africa during Obama's town hall at the University of Cape Town.
Earlier this year, Elumelu's holding company, through its investee company, Transnational Corporation of Nigeria (Transcorp), purchased the Ughelli power plant, one of Nigeria's largest power assets, which it plans to restore to its full generating capacity of 1000 megawatts.
"The investment we are making demonstrates our intent to become a significant player in the power sector. It also shows in a clear and meaningful way that African capital can and should be part of the solution to Africa's challenges. We need more African companies to step up and get involved in Africa's development."
Elumelu, who is Chairman of Heirs Holdings, went on to say, "Heirs Holdings' investment in Power Africa is not just about creating value for shareholders. We want to conduct business in this strategic sector for the long term, in a way that links economic return to social benefits – a key component of what I call Africapitalism. Access to affordable, uninterrupted power will have an immeasurable impact on the economic ecosystem. The cost of doing business will come down, entrepreneurs will expand and innovate, and jobs will be created as a result. That is a very tangible example of what Africapitalism is about: the private sector creating economic prosperity and social wealth."
Distributed by the African Press Organization on behalf of Heirs Holdings.
Read the White House Power Fact Sheet and Press Release: http://www.whitehouse.gov/the-press-office/2013/06/30/fact-sheet-power-africa
For more information: Moky Makura Director, Marketing and Corporate Communications Heirs Holdings Email: moky.makura@heirsholdings.com
SOURCE
Heirs Holdings
The White House Today the President announced Power Africa, a new initiative to double access to power in sub-Saharan Africa. More than two-thirds of the population of sub-Saharan Africa is without electricity, and more than 85 percent of those living in rural areas lack access. Power Africa will build on Africa's enormous power potential, including new discoveries of vast reserves of oil and gas, and the potential to develop clean geothermal, hydro, wind and solar energy. It will help countries develop newly-discovered resources responsibly, build out power generation and transmission, and expand the reach of mini-grid and off-grid solutions. According to the International Energy Agency, sub-Saharan Africa will require more than $300 billion in investment to achieve universal electricity access by 2030. Only with greater private sector investment can the promise of Power Africa be realized. With an initial set of six partner countries in its first phase, Power Africa will add more than 10,000 megawatts of cleaner, more efficient electricity generation capacity. It will increase electricity access by at least 20 million new households and commercial entities with on-grid, mini-grid, and off-grid solutions. And it will enhance energy resource management capabilities, allowing partner countries to meet their critical energy needs and achieve greater energy security. Power Africa is Rooted in Partnership The United States and its partners will work with an initial set of Power Africa partner countries, including Ethiopia, Ghana, Kenya, Liberia, Nigeria, and Tanzania. These countries have set ambitious goals in electric power generation and are making the utility and energy sector reforms to pave the way for investment and growth. Power Africa will also partner with Uganda and Mozambique on responsible oil and gas resources management. Power Africa will bring to bear a wide range of U.S. government tools to support investment in Africa's energy sector. From policy and regulatory best practices, to pre-feasibility support and capacity building, to long-term financing, insurance, guarantees, credit enhancements and technical assistance Power Africa will provide coordinated support to help African partners expand their generation capacity and access. The United States will commit more than $7 billion in financial support over the next five years to this effort, including: Power Africa will also leverage private sector investments, beginning with more than $9 billion in initial commitments from private sector partners to support the development of more than 8,000 megawatts of new electricity generation in sub-Saharan Africa. Examples of commitments to-date include: Power Africa Will Help Attract Investment in Africa's Energy Sector Power Africa directly addresses constraints to investment in order to accelerate progress. Instead of taking years or even decades to create an enabling environment for energy sector investment, Power Africa takes a transaction-centered approach that provides incentives to host governments, the private sector, and donors. These incentives galvanize collaboration, producing near-term results and driving forward systemic reforms that pave the way to future investment. To achieve these ambitions, Power Africa includes: Power Africa Will Build Capacity for Project Delivery and Energy Sector Reform Building host-government capacity to develop, approve, finance and ultimately bring power projects on line is critical to the success of the initiative. To support this need, Power Africa will work with host governments to launch or further develop "delivery units" charged with driving progress on specific projects. These delivery units will help increase technical skills and accelerate energy sector regulatory, market structure and enabling environment reforms. In Tanzania for example, Power Africa will support the "Big Results Now!" program, which is establishing new delivery units within government ministries. In Nigeria, Power Africa will provide staffing support, capacity building and technical assistance to an existing delivery unit. Establishment of a delivery unit in Ghana will be closely coordinated with the MCC's Compact slated for signature in 2014. Transparent Natural Resource Management The recent discoveries of oil and gas in sub-Saharan Africa will play a critical role in defining the region's prospects for economic growth and stability, as well as contributing to broader near-term global energy security. Yet existing infrastructure in the region is inadequate to ensure that both on- and off-shore resources provide on-shore benefits and can be accessed to meet the region's electricity generation needs. Although many countries have legal and regulatory structures in place governing the use of natural resources, these are often inadequate. They fail to comply with international standards of good governance, or do not provide for the transparent and responsible financial management of these resources. Power Africa will work in collaboration with partner countries to ensure the path forward on oil and gas development maximizes the benefits to the people of Africa, while also ensuring that development proceeds in a timely, financially sound, inclusive, transparent and environmentally sustainable manner.
The White House Office of the Press Secretary For Immediate Release June 30, 2013 FACT SHEET: Global Health Investments and Partnership in AfricaThe United States is the world's leading donor in global health. We are strongly committed to working with partner nations to reach our goal of an AIDS-free generation, to ending preventable child and maternal deaths, and to supporting countries as they work to provide for the health of their own citizens. Since 2008, the United States has tripled the number of people directly supported by the President's Emergency Program for AIDS Relief (PEPFAR) with lifesaving treatment for AIDS. Our efforts have contributed to a 16% decline in under-five child mortality in 24 priority countries, and we have been a key multilateral partner on strengthening the Global Fund to Fight AIDS, Tuberculosis and Malaria and the Global Alliance for Vaccines and Immunization. We will continue to work with our partners and Allies around the world to deliver global health results and eradicate extreme poverty. And we will continue to speak out in support of universal rights and fundamental freedoms for all, including LGBT populations, people living with HIV, and women and girls.
Progress towards an AIDS-Free Generation The United States is committed to turning the tide on HIV/AIDS. In June 2013, we reached the one millionth baby born HIV-free because of PEPFAR support. In Fiscal Year 2012 alone, PEPFAR's investments meant that over 230,000 babies were born HIV-free. In sub-Saharan Africa, the number of AIDS-related deaths decreased by 32% from 2005 to 2011, and the number of new HIV infections fell by 33% from 2001 to 2011. During this same period, PEPFAR also supported over one million voluntary medical male circumcisions, and provided HIV testing and counseling for more than 46 million people. Today, we are announcing an additional $10 million to support South Africa's ongoing efforts to expand voluntary medical male circumcision services, which reduces men's risk of becoming infected with HIV by approximately 60%. We are delivering on the President's 2011 commitment to support 6 million people on antiretroviral treatment (ART) by the end of 2013, and are working to increase the impact and sustainability of our investments. The number of people in Africa receiving antiretroviral treatment has increased from less than 1 million in 2005 to 7.1 million in 2012, with nearly 1 million added in the last year alone. PEPFAR directly supports more than 5.1 million people with lifesaving ART, up from 1.7 million in 2008. South Africa, for example, is rapidly scaling up access to HIV treatment, with a 20% increase in the number of people receiving therapy from 2011-2012 alone. Sixteen countries—Botswana, Ghana, Gambia, Gabon, Mauritius, Mozambique, Namibia, Rwanda, São Tomé and Principe, Seychelles, Sierra Leone, South Africa, Swaziland, Tanzania, Zambia, and Zimbabwe—now ensure that more than three-quarters of pregnant women living with HIV receive antiretroviral medicine to prevent transmission to their child. Eleven African countries—Botswana, Burundi, Ethiopia, Ghana, Kenya, Malawi, Namibia, Rwanda, Swaziland, Zambia, and Zimbabwe—have reached a critical programmatic "tipping point," where the annual increase in adults on treatment is bigger than the annual number of new adult infections. As HIV disproportionately affects specific populations at higher risk for infection, PEPFAR works to support country-led plans that expand high-impact comprehensive programs of HIV prevention, treatment, and care services to those who are often overlooked, including men who have sex with men, people who inject drugs, and sex workers.
Improving Health and Child Survival A sustained commitment to global health by the United States, other donors, and African countries themselves has driven historic declines in childhood mortality and progress on reducing maternal mortality. U.S. investments in child survival have contributed to a 16% decline in childhood mortality and a 13% reduction in maternal mortality since 2008 in 24 priority countries receiving U.S. assistance. The President's Malaria Initiative (PMI) is leading efforts to control malaria in Africa and has helped achieve declines in under-five mortality ranging from 16% to 50% in 12 of the original 15 PMI focus countries. Eight African countries, including Rwanda and Zanzibar – where PMI works – have achieved 75% reductions in malaria cases. In 2012, PMI funding and support protected more than 50 million people from malaria with a prevention measure (insecticide-treated bed-nets and/or indoor residual spraying), and distributed more than 43 million courses of artemisinin-based combination therapy and over 13 million rapid diagnostic tests. The Neglected Tropical Diseases (NTD) program has delivered over 820 million NTD treatments to over 364 million people in 24 countries, leveraged over $4 billion in donated medicines, and is helping to control and move towards elimination of these debilitating diseases of poverty. U.S. investments are also effectively fighting infectious diseases like tuberculosis, measles and influenza, and are building the health systems that will enable governments to provide for the health of their own citizens. The United States is further extending our efforts through multilateral partners like the Global Fund to Fight AIDS, Tuberculosis and Malaria (Global Fund) and the Global Alliance for Vaccines and Immunizations (GAVI). We are the largest contributor to the Global Fund, which provides lifesaving ART to 4.2 million people with AIDS, tuberculosis treatment to 9.7 million people, and 310 million insecticide-treated nets to protect families from malaria. In addition, U.S. investments in GAVI are working to introduce new vaccines against the biggest causes of childhood mortality, and have immunized over 370 million children against vaccine-preventable diseases in the world's poorest countries. |
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