Business leaders lay trade & investments agenda at U.S-Africa Business Summit

Global leaders and investors are enthusiastic about increasing investments in Africa as the continent makes strides in improving the investment landscape. Speaking at the 16th U.S-Africa Summit in Dallas, Texas, Alice Albright, CEO of Millennium Challenge Corporation (MCC), discussed the agency's mission and impact on the continent over the past two decades. MCC, founded 20 years ago, takes a unique approach to international development by carefully selecting countries to work with and providing significant grant funding to address key challenges. With a global investment of $17 billion in 47 countries, $10 billion has been allocated to Africa, with $8.5 billion focused on infrastructure development. Notably, Africa faces a significant infrastructure gap, highlighting the need for continued investment. The agency's deep engagement with partner countries and focus on critical needs like infrastructure, healthcare, and education have driven impactful projects across the continent. For example, MCC recently signed a $500 million compact with Mozambique to rebuild a crucial bridge, among other initiatives in countries like Benin, Senegal, and Lesotho. Discussing the importance of trade in Africa's economic growth, MCC now has the authority to engage in regional investments to promote integration among multiple countries. Looking ahead, Albright anticipates a shift in investment focus towards sectors like digital economy, responding to evolving needs and opportunities in Africa. While MCC does not pre-allocate funding by sector or country, Africa is expected to remain a significant area of focus for the agency's future endeavors.