Page 11 - AfrElec Week 03 2023

AfrElec POLICY AfrElec

US worried about impact of

Russia-Ukraine war on Africa’s

energy & food security

AFRICA US treasury secretary Janet Yellen has said Wash- partnerships.
ington has no intention of pressuring Africa not “I think that invasion [of Ukraine by Rus-
to buy Russian oil as long as they observe a price sia] and the brutality and the economic spillo-
cap introduced on December 5, 2022 by the G7, vers from it are a very important factor that is
while expressing concern over the impact of the responsible for diminished global growth at a
war in Ukraine on energy and food security in time when we just beginning to encouragingly
the continent. recover from the pandemic, and the high food
In an interview ahead of her three-nation prices and energy prices that it’s caused are being
tour of Africa from January 17 to 28 with US felt particularly in Africa,” Yellen told NPR.
public broadcaster NPR on Saturday (January During her tour, she will also discuss with
14), Yellen said that Russia’s invasion of Ukraine African political and business leaders how
has been disastrous for the global economy, with the US could fund high-quality infrastructure
the rise in food and energy prices it triggered hit- investments through the Partnership for Global
ting Africa the hardest. Infrastructure Investment, preventing and pre-
“We are certainly not trying to urge these paring for future pandemics through the new
countries not to buy Russian oil as long as buyers Pandemic Fund, partner to strengthen democ-
in Africa observe the price cap, in the sense that racies and institutions against corruption, and
they make sure that they don’t pay more than help African countries address debt vulnerabili-
the price caps that’s been established. They can ties, said the treasury statement.
maintain or increase their purchases of Russian Furthermore, Yellen will underscore the
oil,” she said. importance of accelerating clean energy access,
The G7 (Canada, France, the US, Germany, helping countries adapt to a changing climate,
Italy, Britain and Japan) agreed as part of their promoting a just energy transition and providing
sanctions on Russia for invading Ukraine to greater economic opportunity for communities
introduce a $60/barrel cap on any oil purchases and businesses.
by buyers using the group’s services such as mar- She arrives in Africa as Chinese foreign min-
itime routes, insurance and financing. ister Qin Gang ends his five-nation visit of the
Yellen will be in Africa for 11 days, visiting continent. While China has become Africa’s
Senegal (January 20-21), Zambia (January largest trading partner, Yellen said, the conti-
22-24) and South Africa (January 25 – 27). nent wants to expand its trade and investment
While in Africa, a release from the US treas- relationship with more nations worldwide with
ury department said, she will highlight Presi- the US a key partner in that respect.
dent Joe Biden’s administration’s work to deepen “We’ve invested considerably, the United
US-Africa economic ties, including by expand- States government, and then our work through
ing trade and investment flows and promoting the multilateral development banks in Africa.
sustainable and inclusive economic growth. And I think a lot of the energy came out of Pres-
Her visit follows the US-Africa Leaders Sum- ident Biden’s interactions with African leaders at
mit held in December 2022 in Washington DC, the recent summit,” she said. ™
where Biden announced over $55bn in two-way
trade and investment commitments, deals, and

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