With debt levels rising, attracting more private investment to Sub-Saharan Africa has become more important than ever. By bringing together representatives from various parts of the private sector, the seminar will highlight the variety of available capital and point the way to policies that would facilitate its increased flow to Africa. This seminar ties in with the Sub-Saharan Africa REO planned for spring 2018, which focuses on private investment, and with the Group of Twenty Compact with Africa.
Contributors: Aric Maiden and Maria L. Guerra Bradford, Secretary's Department
Opening Remarks:
Moderator:
Nancy Kacungira, News Anchor, BBC Africa Business
Panelists:
Mame Khary Diène, Founder and CEO, Bioessence Laboratories, Senegal
Zhi Yong Heng, Head of Special Situations Group, TLG Capital
Jingdong Hua, Vice President and Treasurer, International Finance Corporation
Thomas Schaefer, Chairman and Managing Director, Volkswagen Group South Africa
Against a background of rising debt in sub-Saharan Africa (SSA), panelists discussed the need to attract a higher level of private sector investment (PSI) and the related challenges. They discussed the perception of risks and highlighted the importance of improving confidence in the business environment. They also underscored the role of small and medium enterprises (SMEs).
Key Points:
Quotes:
“An African proverb says: ‘If you want to go quickly, go alone. If you want to go far, go together.’” Ken Ofori-Atta
“Business and risk go hand in hand. […] But there is … not enough looking beyond risk and at opportunity in the African continent.” Nancy Kacungira
“You have to have a local key to open a local lock. You cannot make private equity decisions in an African country out of Washington, D.C.” Jingdong Hua
“We have to put the private sector in the front and center because in SSA we are talking about several hundred million jobs that need to be created. […] Growing local SMEs can create 80 percent of those jobs.” Jingdong Hua
“The Compact with Africa is a game changer that will change the way we do business in Africa. There is a focus on changing policies and introducing an environment for investment. It’s not a spot business to sell 2000 cars and leave.” Thomas Schaefer
Nancy Kacungira
News Anchor, BBC Africa Business
Ms. Kacungira is a multi-award-winning journalist from Uganda. As a speaker and moderator, she has presented on some of the world’s biggest platforms including the World Economic Forum, TEDx, and a Presidential Debate. Also an entrepreneur, Nancy co-founded the Blu Flamingo digital agency, which now operates in four African countries. She has worked as a presenter and news correspondent in East Africa for more than ten years and currently presents weekly editions of the TV programmes “Focus on Africa” and “World Business Report” on BBC World News.
Mame Khary Diène
Founder and CEO, Bioessence Laboratories, Senegal
Ms. Diène is the founder and CEO of the Bioessence Laboratories, Senegal. Together with her mother she founded the company in 2005. The company has specialized in the extraction of oil and natural plant extracts with a high concentration of active properties for the human body and health. It has currently 21 employees, and more than 4000 women collaborate with the supply chains for Bioessence’s organic products, which are distributed to Senegalese and international markets. Mame Diene holds a business school degree from Dakar, Senegal.
Zhi Yong Heng
Head of Special Situations Group, TLG Capital
Mr. Heng is the Head of TLG’s Special Situations Group, sharing responsibilities for all of TLG’s revenue-generating and investing businesses. TLG’s Special Situations Group is a multi-asset class business, specialising in principal investing and lending across the capital structure on a risk-adjusted return basis. Zhi Yong is also a member of the firm’s Credit Investment Committee and is responsible for spearheading the special situations effort with a focus on Financial Institutions across Sub-Saharan Africa. Prior to joining TLG Capital, Zhi Yong worked for Davide Leone & Partners, focusing on special situations and event-driven strategies. Zhi Yong has had past experience working in the Investment Banking and Investment Management divisions of various global financial institutions including Goldman Sachs. He holds a Bsc (Honours) in Economics and Statistics from the University College London. He also served with Distinction in the Singapore Military Force.
Jingdong Hua
Vice President and Treasurer, International Finance Corporation
Mr. Hua is Vice President and Treasurer of IFC. He is responsible for managing IFC’s financial position, safeguarding its international triple-A rating and maintaining its standing as a premier issuer in the global capital markets. He oversees liquid assets, market borrowings, and risk-management instruments totaling over $100 billion. Mr. Hua is also responsible for IFC’s loan syndications and co-investment program, which has mobilized over $50 billion for private sector development. He oversaw the creation of the IFC Managed Co-Lending Portfolio Program. Prior to joining IFC, Mr. Hua served as Deputy Treasurer at the Asian Development Bank in Manila. He previously held a number of positions in the treasury departments of ADB, the United Nations Development Program in New York, and the African Development Bank in Abidjan. Mr. Hua, a Chinese national, started his career in 1983 with China National Chemical.
Thomas Schaefer
Chairman and Managing Director, Volkswagen Group South Africa
Mr. Schaefer has been Managing Director of Volkswagen of South Africa at Volkswagen AG since January 1, 2015. Prior to this, Mr. Schaefer served as the Head of Group Overseas Manufacturing at Volkswagen AG until January 1, 2015. Mr. Schaefer began his career in 1991 at Daimler AG. He held various positions in production and quality assurance since 1998 initially in South Africa, served as Vice President of Production Plants in Malaysia in 2002, and assuming responsibility for overseas production and planning operations in 2005, before moving to the Volkswagen Group to take charge of Group Overseas Manufacturing. Mr. Schaefer joined the Volkswagen Group in 2012. He serves as the Chairman of Volkswagen South Africa (Pty.) Ltd. Mr. Schaefer holds a Degree in Engineering.