Global Fund and Big Business Partners against AIDS – The Global Fund to Fight AIDS, TB and Malaria has partnered with major corporations like Coca-Cola and Chevron to establish “corporate investments in health.” Chevron was named the first Global Fund Corporate Champion, and has pledged $25 million through 2013. Matt Loner, the manager of Chevron’s Global Partnerships Programs, explained that “when national governments see the private sector, which is inherently bottom line-oriented, make these kinds of investments . . . it encourages [them] to take the same step and make commitments . . . to countries in need.” (VOA, Joe DeCapua)
Senegal’s president concedes defeat, a welcome step in region of coups – Despite winning court permission to run for a third presidential term, Senegalese President Abdoulaye Wade conceded defeat to his opponent, Macky Sall, and stepped down on Sunday. A sluggish economy, increasing unemployment, and the effects of a region wide drought all hurt Wade’s re-election chances. (CSM, Scott Baldauf)
Banks see an opportunity in Africa – As mobile phones become more prevalent in Africa and the middle class grows, “banks across Africa increasingly see opportunity in the slums . . . [as] millions of people need a way to amass and maintain their money.” African banks have recently attracted international attention for their resilience in the global economic recession, as “the poverty of many African countries has meant their economies and banks are somewhat isolated from global trends.” (AP, Donna Bryson)
Mali coup could jeopardize millions of dollars in U.S. aid – Last week’s military coup in Mali could “jeopardize roughly $100 million in U.S. aid granted to the West African nation by the Millennium Challenge Corp.” Countries receiving aid from the agency must “demonstrate a clear commitment to good governance, economic freedom and investing in their citizens,” and the military coup is in “direct conflict with MCC’s” requirements. Mali was the recipient of $461 million in investments from the MCC to help reduce poverty and support economic growth. (LATimes, Robyn Dixon)
ICYMI: USAID Prioritizes to Boost Impact in Africa – In this period of tight budgets, the U.S. Agency for International Development is “curtailing initiatives in Latin American and Eastern Europe to boost efforts elsewhere, including Africa, where American-funded projects are spurring food production and improving healthcare.” USAID Administrator Rajiv Shah explains that “food aid costs eight-to-10 times more than investing in helping people produce and sustain their own futures through agriculture.” (VOA, Michael Bowman)
