FROM THE OFFICE OF PUBLIC AFFAIRS

 Let me thank you for your participation in the Africa Growth and Opportunity Act (AGOA) Forum and for being with us here at Treasury this morning. 

 We are committed to this process and want to see a great success made of it.  As you know, Treasury has the lead in representing the US government at the IMF, the multi-lateral development banks and the Paris Club. 

 As one of AGOA’s sponsoring agencies, along with the State Dept., Commerce Dept. and the USTA, we have a deep interest in the AGOA process and the continuing dialogue with you on a broad range of topics. 

 It is important that we stimulate closer trade and investment relations with the countries of sub-Saharan Africa, promoting market-led growth in the region.

 Beyond promoting trade, we are also interested in promoting the essentials of a vibrant economy, as reflected in the theme of this year’s forum “Building Trade, Expanding Investment.” 

AGOA seeks to promote stable and lasting growth through a strong macro-economic framework, reliance on market economy principles, the rule of law and active commitment to decrease poverty.

We see an important role for private sector in promoting growth and expanding investments and developing capital markets.  Treasury has been actively involved in promoting the SME financing initiative through IFC-IDA, through promotion of grant lending and by helping countries achieve sovereign credit ratings.

Housing and housing finance is one of the principle drivers of US economic development.  It was enormously important in helping us through the recent recession where despite the stock market fall-off housing industry remains strong.

Housing could serve an important development role for many African countries, proving opportunities for small and medium enterprises, deepening the retail banking sector and promoting the development of domestic capital markets.  You have an excellent topic for discussion and I regret that I won’t be able to be here for the entire meeting, but Assistant Secretary Quarles and his staff will be here to engage in the dialogue with you.

I look forward to working with you in the future to attain these goals.

Thank you.