Monday, April 26, 2010

The Whitaker Group Hosts 'Capital Flows To Africa' Luncheon

The Whitaker Group (TWG) and the Center for Global Prosperity (CGP), part of the Hudson Institute, co-hosted a luncheon discussion today at The Willard Intercontinental Hotel in Washingtin, DC themed “Innovative Mechanisms for Maximizing Capital Flows to Africa.” The lunch brought together African Finance Ministers, US business and policy leaders and heads of emerging market funds. AAEA President Norris McDonald and AAEA Vice President Derry Bigby, right, attended the luncheon.

The Honorable Donald Kaberuka, left, President of the African Development Bank, led a discussion about private equity, portfolio investment, diaspora bond issuance and other effective financial instruments for Africa’s development needs. In addition to keynoting the luncheon, Mr. Kaberuka answered several questions from the audience. Florizelle B. Liser, Assistant U.S. Trade Representative For Africa, with Derry Bigby at right, participated in the luncheon.

As countries of sub-Saharan Africa address the adverse consequences of the global financial crisis, many are exploring innovative mechanisms to maximize capital flows to the region.

The Whitaker Group, the premier US consulting firm, focused on facilitating trade and investment in Africa. With offices in Washington, DC and Accra, Ghana, TWG assists global corporations, investors, African governments and private companies, trade associations and NGOs as they seek to participate in the opportunities arising from Africa's emerging economies. Since its inception in 2003, TWG has helped to facilitate more than $1 billion in capital flows to Africa and executed innovative initiatives to advance economic development in Africa.

Rosa Whitaker at Luncheon
The TWG team is led by Rosa Whitaker, left, a chief architect of the African Growth and Opportunity Act (AGOA) and the first-ever Assistant U.S. Trade Representative for Africa under Presidents William J. Clinton and George W. Bush. AGOA was signed into law on May 18, 2000 as Title 1 of The Trade and Development Act of 2000. The Act offers tangible incentives for African countries to continue their efforts to open their economies and build free markets.

The Center for Global Prosperity provides a platform—through conferences, discussions, publications, and media appearances—to create awareness among U.S. and international opinion leaders, as well as the general public, about the central role of the private sector, both for-profit and not-for-profit, in the creation of economic growth and prosperity in any country. The Center’s core product is the new annual Index of Global Philanthropy and Remittances, which details the sources—and magnitude of private giving to the developing world.

Carol Adelman, right, directs Hudson Institute's Center for Global Prosperity, producing the Index of Global Philanthropy, the sole comprehensive guide to U.S. and other industrialized countries' private giving - both philanthropy and remittances - to developing countries. She writes and speaks regularly on economic development, foreign aid, global philanthropy, international health, and leadership and management issues.

The main sponsor of the luncheon was Western Union.

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