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This is just a ploy to support Westinghouse and GE by providing a market for their big electrical equipment. Don't worry the money will never see Africa.
It also helps the poor in Africa. The fact that GE gets a sale is a side benefit.
It's nothing more than a consortium (slush fund) funded by private investors (corporations) with a Board of Directors, appointed by the President, who decide how and where to use the funds to get a foothold in foreign countries. More than likely the President has great influence on the how and where.
As far as this private funding source to these African countries. What has been the track record for African governments using this money for what it was intended for?
Meanwhile he is following through on his promise to make our bills skyrocket in the old USofA. What a leader.
(CNN) -- U.S. President Barack Obama pledged $7 billion Sunday to help combat frequent power blackouts in sub-Saharan Africa.
Funds from the initiative, dubbed Power Africa, will be distributed over the next five years. Obama made the announcement during his trip to South Africa, the continent's biggest economy.
"Access to electricity is fundamental to opportunity in this age. It's the light that children study by, the energy that allows an idea to be transformed into a real business. It's the lifeline for families to meet their most basic needs, and it's the connection that's needed to plug Africa into the grid of the global economy," he said.
...Per-capita consumption of Coke is also low in India and China, relative to the U.S., Europe, and Latin America, but those two continents present less of an opportunity for the company than Africa. China's market, famously difficult for outsiders to navigate, is already crowded with competitors like Wahaha, whose founder Zong Qinghou is China's richest man. India drinks Coke, but loves Pepsi, too. In New Delhi, Pepsi (PEP) is so popular that the name is Hindi shorthand for soda of all kinds, even Coke. Coke will continue to compete in those countries, of course, but Africa, where Coke is the dominant brand, and where the middle class is just emerging, may offer a potentially greater payoff.
Coke has been in Africa since 1929 and is now in all of its countries; it is the continent's largest employer, with 65,000 employees and 160 plants. Its market share in Africa and the Middle East is 29 percent, which adds up to 9.1 billion liters of beverages a year. Pepsi's share is 15 percent. But now the small shops in the back alleys have become more important, as Coke wagers on Africa finally emerging as a viable market in the next 20 years, riding a hoped-for wave of improving governance and demographics. Coke is now in a street-by-street campaign to win drinkers, trying to increase per-capita annual consumption of its beverages in countries not yet used to guzzling Coke by the gallon. To do so, Coca-Cola is applying lessons learned in Latin America, where an aggressive courtship of small stores helped boost per-capita consumption in Mexico to the highest in the world.
It's the light that children study by, the energy that allows an idea to be transformed into a real business. It's the lifeline for families to meet their most basic needs, and it's the connection that's needed to plug Africa into the grid of the global economy," he said.
Yup and the first thing they invest in is a satellite dish for digital Tee Vee - found on many a tin shack.
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Originally Posted by HappyTexan
No, helping the poor is the side benefit. As always..follow the money.
Corporations are not altruistic and neither is government.
Correct
Quote:
Originally Posted by Motion
As far as this private funding source to these African countries. What has been the track record for African governments using this money for what it was intended for?
[ ] <- this
Quote:
Originally Posted by dv1033
It's always a joy to come to CD and listen to all the country bumpkins discuss the world from their narrow perspective.
Hilarious, I think some have the Disney Lion King idea of what Africa is and looks like. I am uber critical b/c all I see is corruption but we are not all jungle dwellers.
Development now only comes with foreign investment where there is a spin off for the corporations. For example, the highways were upgraded in Gauteng (Johannesburg and Pretoria area) and has e-tolling and they will get US$500M per month forever. That was an EU company that did it. Some black politician will no doubt be having his commission paid into a Swiss bank account for life. It is the way business is conducted here now.
There is a reason why Mugabe is a billionaire (in USD) while the country has gone backwards.
Does anyone know where the 7 billion will come from? I didn't know we had $7 billion laying around... what happened to the sequester... apparently, even that won't stop Democrat overspending...
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