ICYMI: Sen. Coons’ BUILD Act featured in Quartz: “How the US will transform its investment role in Africa with a new $60 billion agency”
WASHINGTON – In case you missed it, Quartz Africa published an article spotlighting the passage of the Better Utilization of Investments Leading to Development Act of 2018 (BUILD Act), legislation introduced by U.S. Senators Chris Coons (D-Del.) and Bob Corker (R-Tenn.). With strong support in Congress, from the administration, and among key stakeholders, the BUILD Act will promote economic growth in developing countries through U.S. business investment while saving taxpayers $20 million. The BUILD Act was signed into law on October 5 as part of legislation to reauthorize the Federal Aviation Administration (FAA).
Quartz Africa: How the US will transform its investment role in Africa with a new $60 billion agency
By Jonathan Berman
Business between the US and Africa just took a step forward. Easy to miss amidst the partisan din of the approaching election, the US Senate passed the Better Utilization of Investments Leading to Development (BUILD) Act, and it was signed into law Oct. 5. Despite the strong bipartisan support (93 of 99 senators voted for it) the act has its critics, in particular among libertarian conservatives.
In my view, the BUILD act brings the US-Africa business relationship from underground to above ground and may yet bring it to the cloud.
For at least thirty years, the US’s commercial relationship with Africa has been dominated by resources underground. Oil, gas and minerals account for about half of all US direct investment in Africa. There has been growth in almost every sector of Africa’s economy, but commercial relations with the US have been dominated by US engagement in natural resources.
To read the full article, click here.
Sean Coit at 202-224-5042 or Sean_Coit@coons.senate.gov
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