US President Obama praises the AfDB for Power Africa partnership

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U.S. President Barack Obama has praised the African Development Bank (AfDB) for its partnership in his Power Africa initiative – which aims to double energy in sub-Saharan Africa within the next five years.

“I want to thank the African Development Bank for its partnership, as well as many companies that have stepped up with commitments, including some here,” President Obama said on 1 July 2013 in Dar es Salaam, Tanzania  during  his Africa tour.

“And I have to say, those who are involved in this process, they continually tell us the problem is not going to be private-sector financing.  The problem is going to be getting the rules right, creating the framework whereby we can build to scale rapidly.  That's what we're committed to doing," he told a forum of CEOs, which included AfDB President Donald Kaberuka.

President Kaberuka said after the forum that CEOs were agreed on what needed to be done to attain quality growth in Africa, which President Obama called “the next success story”.