On the Road to the 2011 G8 Summit: Investing in Africa's Emerging Markets

  • Thursday, May 19, 2011

  • Daniel Yohannes, CEO of the Millennium Challenge Corporation (MCC), spoke at CSIS about how the MCC investment model leverages private sector investment to promote economic development in Africa. Daniel Runde, director of the Project on Prosperity and Development, hosted the event and moderated the question and answer session.

    Mr. Yohannes outlined MCC’s mission to erase poverty through long term economic growth. MCC works with partner countries through the compact process to design development projects that address constraints to growth and enable investment. Promoting development in Africa, a continent that has seen remarkable growth in the past decade, is an MCC priority. MCC has 11 compacts in Africa and devotes 75 percent of its resources to these emerging economies, mostly focused on infrastructure projects that help encourage private sector investment.

    MCC’s ultimate goal is to enable private investment to replace official assistance. Mr. Yohannes highlighted the pro-investment policy reforms required by the MCC compact model. These reforms incentivize investment by making business operations easier. In Cape Verde, the time it takes to get a business license dropped, through MCC efforts, from 70 days to only a few hours.

    CSIS hosted a discussion with

    Daniel Yohannes
    CEO, Millennium Challenge Corporation

    on

    "Investing in Africa's Emerging Markets"

    Moderated by

    Daniel F. Runde
    Schreyer Chair in Global Analysis
    Director, Project on Prosperity and Development

    Thursday, May 19, 2011
    3:00 PM - 4:00 PM

    CSIS
    B1 Conference Center
    1800 K. St. NW, Washington, DC 20006

    Sub-Saharan Africa is home to 850 million people, and according to the United Nations, that number is estimated to increase to 1.8 billion and account for 20% of the world’s population by 2050. This impending growth has stimulated interest in Africa’s emerging markets and governance. The 2011 G8 discussion will focus on opportunities in Africa and explore means to encourage the development of the private sector. 

    With half of its investment portfolio in Africa, the Millennium Challenge Corporation (MCC) is an important voice in this conversation.  The MCC is building capac­ity, strengthening relationships, improving the business environment, and creating opportunities for increased bilateral trade with these emerging economies. 

    Mr. Yohannes will discuss ways in which the MCC and the U.S. Government are stimulating private sector investment and evaluate the benefits and challenges of developing these important, emerging markets.

    Please RSVP to edenniston@csis.org

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