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Based on the incredible energy in this room I've never been more optimistic
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about Africa's future and I know that President Obama and Secretary Pritzker
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feel the same way.
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The Secretary deserves an enormous amount of credit for her leadership in
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pulling this conference together.
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And it is now my pleasure to turn the floor
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over to her.
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What is clear is that this is the beginning
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not the end. Every day it is my great honor to serve
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as America's Chief Commercial Officer working with the business leaders and
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public officials in this room
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to secure a broadly shared prosperity
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on both sides of the Atlantic. That's what this is all about
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channeling our energy and our enthusiasm
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to spur growth in the United States and the countries of Africa
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now and long into the future.
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So today I'm very pleased to announce
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that the World Bank Group following
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President Obama's lead will support Power Africa
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by committing 5 billion dollars in direct financing,
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investment guarantees, in advisory services.
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For project preparation
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in Power Africa 6 initial partner countries that's
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Ethiopia, Ghana, Kenya, Liberia, Nigeria,
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and Tanzania.
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Let me give you a little bit of background on this loan
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it will support the design and construction
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operation and maintenance of the Azura-Edo power plant. This is a 460
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megawatt natural gas power plant, an independent power plant facility
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in Nigeria. The first such independent power project
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in Nigeria in 10 years.
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We all know what makes Africa such an extraordinary
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opportunity
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some of the fastest growing economies in the world,
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a growing middle class, expanding sectors like manufacturing and retail,
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one of the fastest growing telecommunications markets
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in the world, more governments are reforming
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attracting a record level a foreign investment, it is the
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youngest and fastest-growing continent with young people that are full of dreams and
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ambition.
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As Faith Mangope
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one of the Mandela fellows told other young African leaders
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and President Obama just this past week,
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and I quote, "Africa is no longer
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a sleeping giant but is awake and
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open for business." With the leadership in this room
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we will keep the US-Africa economic partnership
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open for more growth and success.
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We will keep the United States and Africa
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open for business.