Corporate Council on Africa UNGA Series Spotlights Economic Recovery Strategies in Senegal
On Friday, September 25, 2020, Corporate Council on Africa (CCA) hosted the final session of its series of country-focused events on the sidelines of the 75th United Nations General Assembly (UNGA) meetings. The series themed Partnering for Economic Recovery, highlighted key economic recovery strategies and investment opportunities in Morocco, Nigeria, and Senegal
Friday’s session on Senegal featured remarks by both public and private actors from across the U.S. and Africa. Welcome remarks were delivered by Viviane Bakayoko, Côte d’Ivoire Bank Head and West & Central Africa Global Subsidiaries Group Head, Citi.
The session kicked off with remarks from H.E. Amadou Hott, Minister of Economy, Planning and International Cooperation, Republic of Senegal, and C.D. Glin President & CEO U.S. African Development Foundation (ADF), both encouraging increased multi-sectoral investment in Senegal. H.E. Hott discussed the tremendous growth of Senegal’s economy, particularly in the last five years. Despite the repercussions of COVID-19, Senegal’s economic sectors remain prosperous, Minister Hott stated, adding “this is the right time to invest in Senegal.” Mr. Glin spoke on the various opportunities for economic growth in Senegal by highlighting inclusive community-led solutions, “Our (ADF’s) programmatic focus in Senegal is to create pathways to prosperity for underserved communities and doing so in partnership with the government of Senegal and others.”
Panelists addressed economic recovery strategies in Senegal, highlighting opportunities for investment and business partnerships in response to COVID. They underlined the importance of investment in various sectors, particularly in healthcare, and healthcare reform in light of the pandemic, including both the public and private sector.
Anthony Welcher, Vice President, Department of Compact Operations, Millennium Challenge Corporation (MCC) discussed the first compact they implemented in Senegal which was a $550 million Senegal Power project. He also presented the new Millennium Impact to Infrastructure Accelerator, an initiative to catalyze the growth of impact investors into the infrastructure sector with the goal of creating an independent entity focused on impact infrastructure projects.
Alain Ebobissé, Africa50 CEO, discussed the various programs his institution is implementing in infrastructure, energy transport, and ICT, and mentioned their interest in supporting the health sector. Mr. Ebobissé further emphasized the importance of raising capital to fund COVID-19 relief measures, importantly in infrastructure, and regarded long-term project financing as the “key to be able to build up the pipeline of bankable projects.”
Sir James Dutton, Bechtel Corporation Regional President of Africa highlighted Bechtel’s contributions to Senegal economic recovery plan in partnership with the government. He says, “in Senegal we are working with the government and with other agencies on a motorway project and also exploring areas in which our extensive gas experience could be beneficial,” while emphasizing the significance of infrastructure development in cohesive collaboration in the stages of project development.
Géraud Moussarie, Head of Country for Senegal, BP also discussed Senegal's lucrative markets and BP’s prominent involvement in the energy sector. He expressed that BP’s strategy in Senegal includes developing small class gas resources through their projects: Grand Tortue Ahmeyim (GTA) and Yakaar-Teranga.
In closing out the event, Florie Liser, noted that the public sector can better leverage the power of the private sector in a conducive environment. She further highlighted the importance of collaboration to achieve economic recovery. Concluding her remarks on an encouraging note, she stated that, “ CCA will continue to engage and support our member companies and U.S. and African public and private sector partners as we develop solutions for economic recovery and resilience in this new era.”
The CCA UNGA Special Sessions were generously sponsored by Abbott Laboratories; Acrow Bridge; AfroTourism; Caterpillar Inc.; Citibank; Creative Associates International; Development Finance International (DFI); ExxonMobil Corporation; Flutterwave; Lockheed Martin International; Procter & Gamble; Rabin Martin; and VISA Inc.
About Corporate Council on Africa (CCA)
Corporate Council on Africa is the leading U.S. business association focused solely on connecting business interests between the United States and Africa. CCA uniquely represents a broad cross section of member companies from small and medium size businesses to multinationals as well as U.S. and African firms. Learn more at www.CorporateCouncilOnAfrica.com