06
Nov
Washington, DC — U.S. Treasury Secretary Jacob Lew’s recent trip to Africa highlighted U.S. efforts to support African development, trade and investment.
In a visit to Egypt, Tanzania and South Africa, Lew also reaffirmed commitments made during the U.S.-Africa Leaders Summit in Washington in August, according to a November 3 Treasury Department blog post.
In Cairo October 27, Lew met with Egyptian President Abdel Fattah al-Sisi, Minister of Finance Hany Dimian and other senior government officials. He praised Egypt’s recent efforts to advance economic reform and emphasized that inclusive and open governance is critical to creating an environment in which Egypt can attract the investment it needs, create jobs and expand opportunity for all Egyptians.
Following his meeting with Dimian, Lew said: “We both agreed that creating jobs and opportunity for all segments of the Egyptian people must be at the center of the government’s reform agenda.”
“Minister Dimian highlighted for me the ambitious reforms that his government has undertaken since June,” Lew said. “We welcome these reforms and urge the Egyptian government to continue on this path.”
Egypt’s economic reforms include reorienting the budget to boost spending for social programs, supporting health and education spending, and reducing inefficient spending on subsidies, Lew said. “These steps will help Egypt invest in its people, so that all Egyptians can share in the country’s growth, while putting Egypt’s budget and debt trajectory on a more sustainable path,” he said.
Lew highlighted the crucial role that international financial institutions, such as the International Monetary Fund, the World Bank, the European Bank for Reconstruction and Development, and the African Development Bank, play in assisting in the implementation of these economic reforms.
The secretary also said the United States continues to support the Egyptian government’s efforts to counter the threat of terrorism in Egypt.
On October 28, Lew was in Dar es Salaam, Tanzania, where President Obama launched the Trade Africa initiative in 2013. After meeting with Tanzanian Minister of Finance Saada Mkuya Salum, he toured the Ilala Power Substation and the Port of Dar es Salaam.
Investments in the port underline the need for infrastructure improvements, Lew said. They also highlight the role of the multilateral development banks in supporting the financing and policy reforms essential to advancing Trade Africa’s objective of fostering trade in the region.
Lew elaborated on this during remarks at a business round table discussion hosted by the American Chamber of Commerce in Tanzania. “The port is critical trade infrastructure, not only for the 49 million people of Tanzania, but also for tens of millions more in neighboring landlocked countries,” he said.
Lew said Trade Africa is supporting a holistic approach to facilitating trade that includes regional harmonization, capacity building, reducing nontariff barriers, promoting greater private-sector dialogue and working toward a regional investment treaty.
The secretary spent the final days of his trip in South Africa, where he met with senior government officials and business leaders to promote broad-based growth that reduces inequality and supports job creation. He also spoke before a moderated question-and-answer session hosted by U.S. Ambassador to South Africa Patrick Gaspard and the Gordon Institute for Business Sciences at the University of Pretoria.
In his remarks, Lew noted that South Africa was the launching pad for President Obama’s Power Africa initiative. He also underscored the importance of accelerating economic growth in the region through both private investment and domestic public resources.
“By promoting deeper exports and supply chains, and stronger infrastructure that boosts trade — including in the power sector — investments in the region can boost South Africa’s own economy,” he said.
Lew’s trip to Africa demonstrated the United States’ continued strong engagement with the continent and “our mutual interest in advancing economic reforms, key investments, and good governance to boost growth and provide opportunities for the next generation,” the Treasury Department said.
Source: http://allafrica.com/stories/201411052041.html