The Wall Street Journal article “African Consumer Spending Expected to Double by 2020,” looks at opportunities for the U.S. business community to greatly expand investment in Africa. The article cites a comprehensive report on investing in Africa that was released this week in connection with the U.S.-Africa Leaders Summit. The report is titled Africa and the United States: A defining relationship of the 21st century, produced by the U.S. Chamber of Commerce and Investec Asset Management.
Akin Gump associate Carl Fleming’s ongoing work on Power Africa is featured in the report among other Africa experts. His section called “Spotlight on Electrify Africa Act” discusses the potential impact of Power Africa and the pending legislation on investment on the continent. In particular, he outlines the way in which the Electrify Africa Act, passed by the U.S. House of Representatives in May would help U.S. investors and redefine “how certain US agencies do business in Africa,” among them the Millennium Challenge Corporation, the U.S. Agency for International Development, the Treasury Department and the Overseas Private Investment Corporation.
Fleming presented an overview of the U.S.-Africa Leaders Summit, an introduction to Power Africa and an update on the pending legislation, including the recent introduction of the Energize Africa Act, in this July 31 post.
