AFRICAN RENAISSANCE: Millennium Challenge Corporation - Innovative Investments In Infrastructure, Finance And Technology!
January 18, 2015 - AFRICA - Growth potential in Africa, while promising, is hampered by a fundamental lack of transport, energy and water infrastructure. This costs an estimated 2% in GDP growth every year – equivalent to almost a third of annual growth. But with multiple infrastructure projects underway in the region, often through public-private partnerships, there is real hope that this will change.
One organisation committed to Africa’s sustainable development is the Millennium Challenge Corporation (MCC), a US foreign aid agency. It has invested more than $5 billion in the region in a span of infrastructure projects, including power, water, sanitation, irrigation, roads, ports and airports.
MCC is devoting unprecedented resources to help countries in Africa positively transform the lives of the poor and catalyse long-lasting economic progress. This has seen over 656,000 people gaining access to clean water and more than 188,000 farmers receiving training in sustainable farming practices and improving agriculture productivity. To further promote these kinds of projects, the MCC celebrates other corporations that are playing a role in Africa’s development through its awards programme.
Through the Developing Health Globally programme, the GE Foundation focuses on simple interventions which build capacity and improve healthcare delivery in 16 developing countries around the world, including several in Africa. Local GE leaders work with facilities to deliver skills-based leadership, promoting participation, ownership and accountability.
In Rwanda, medical equipment downtime has been reduced by 35% across 32 district-level hospitals thanks to bio-medical engineering programmes, which train technicians on basic medical equipment management, troubleshooting and repairs. Meanwhile in Ghana, the Kintampo Hospital has reduced wait times by 40% and increased emergency department capacity by 10% as a result of stepped-up clinical training in trauma care.
GE recently announced it would invest $4 million in the Ghana 1,000 project, which aims to bring 1,000MW of power online over the next six years. In collaboration with the US Africa Development Foundation and USAID, it has launched the “Power Africa Off-Grid Energy Challenge,” awarding six grants of $100,000 each to local enterprises to develop and expand off-grid energy solutions in Ethiopia, Ghana, Kenya, Liberia, Nigeria and Tanzania. Finally, GE is developing natural gas resources in Ghana, Mozambique and Tanzania.
WATCH: Power Africa Off-Grid Energy Challenge 2014 Winners.
GE is committed to localising global innovation capabilities and driving home-grown solutions to Africa’s challenges. It delivers on this commitment through collaborating with government and the private sector to deliver solutions that help drive sustainable growth.
GE Africa President and CEO Jay Ireland said that GE was proud to be recognised for its investments in infrastructure and people on the continent. “We at GE are committed to unlocking Africa’s potential and we believe we are making progress. However, there is still more that we can do. We will continue to partner with governments to help build Africa’s sustainable future,” Ireland said.
Economic growth is the most powerful instrument for reducing poverty and improving the quality of life in developing countries. Sustained growth can generate virtuous circles of prosperity and opportunity and is the true enabler of change. With governments and corporations across the region actively engaged in projects aimed at facilitating economic growth, the future for the region is shining bright. - GE Reports Africa.
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