At the U.S.-Africa Business Forum last week, Blackstone and Dangote Industries announced a joint commitment to invest $5 billion over the next five years in energy infrastructure projects across Sub-Saharan Africa.
The U.S.-Africa Business Forum is part of President Obama’s U.S.-Africa Leaders Summit, the largest gathering of African leaders ever on U.S. Soil. The Forum, co-hosted by the U.S. Department of Commerce and Bloomberg Philanthropies, brought together African heads of government and U.S. business leaders to discuss trade and investment opportunities in Africa. At the forum, Blackstone CEO, Chairman, and Co-founder Stephen A. Schwarzman participated in Powering Africa: Leading Developments in Infrastructure, a panel moderated by the U.S. National Security Advisor Susan Rice, where he discussed how to best address Africa’s infrastructure gap.
“It is probably hard to imagine that 70% of the people living in Sub-Saharan Africa do not have electricity,” Schwarzman said in an interview with Bloomberg TV. “The power initiatives of the current administration [and] our own joint venture with Dangote are really just scratching the surface of what the full needs are.”
Lack of access to power is currently one of the biggest inhibitions to economic growth in Africa. Schwarzman joined Aliko Dangote and Black Rhino’s Brian Herlihy in a Google Hangout with Bloomberg Philanthropies to discuss how their plans to bring power to Africa will impact the continent’s growth potential.
To read the full press release, "Blackstone-Backed Black Rhino and Dangote Industries to Invest $5 Billion in African Energy Infrastructure Projects," click here.
To watch the full Powering Africa: Leading Developments in Infrastructure Panel, click here.