ChevronTexaco Chairman & CEO David O'Reilly Addresses Sixth
Leon H. Sullivan Summit
Posted: 17 July 2003
Asserts debt relief is critical to Africa's economic and
social progress
ChevronTexaco Chairman and CEO David J. O'Reilly urged key stakeholders
to work together to address an issue critically important to the
economic and social progress of Africa — debt relief.
Speaking to more than 500 attendees at the sixth Leon H. Sullivan
Summit in Abuja, Nigeria, O'Reilly also emphasised the need for
citizen groups, business and government leaders and nongovernmental
organisations (NGOs) to create partnerships that work toward sustainable
solutions for Africa's economic development.
"I believe it is poverty and the meeting of basic human needs
that is the defining challenge of the 21st century," O'Reilly
said. "Today, there are still 1 billion people who are struggling
to survive on less than $1 a day. In Africa, half the population
— that's 300 million people — are in this situation."
Creating an environment that will enable all of the people of Africa
to share in the benefits that social and economic progress has provided
to others is a huge challenge that cannot be ignored, he said.
"Africa's staggering debt burden, much of it decades old,
today sits over the continent like a dark cloud," said O'Reilly.
"Debt has become a harness, strapped to every African child
at birth, which a lifetime of work cannot loosen or shed. In 2002,
10 African governments spent more on debt repayments than on health
care and education combined.
"We must create the trust and partnerships that allow relief
to move forward and lift the cloud of debt," he continued.
"Lasting debt relief must address bad lending practices as
well as bad borrowing practices. And it must acknowledge that merely
replacing old debt with new debt is no relief at all. The upside
potential is enormous."
O'Reilly outlined several actions stakeholders can take to help
promote progress toward reducing Africa's debt, which reached more
than $200 billion in 2002.
Speaking about the roles of the various stakeholders in Africa's
economic progress, O'Reilly suggested that "African governments
must do the things only they can do: advocate and practice good
governance, meet basic human needs and create a favorable investment
climate," he said. "International governments must help
confront some of Africa's and the world's most pressing problems,
and they must help in the hard work of human and institutional capacity
building."
NGOs and community-based organisations must build their own local
capacity, and they must be open to working with all stakeholders,
O'Reilly said. "I was disheartened, when my company sought
public sector partners for sustainable development projects in Africa,
to hear that at least two major NGOs would not partner with us or
anyone in our industry for fear of losing members — this,
despite acknowledging the value of our projects. Who loses because
of such attitudes? I would contend that it is the very people we
all are trying to help and the very problems we are trying to solve.
"For our part," O'Reilly continued, "business must
forge new partnerships, especially public-private partnerships.
We must work with governments, NGOs and communities to ensure that
the greatest possible economic and social benefits flow from our
activities. We must make positive contributions to people's lives."
O'Reilly acknowledged that transparency is critical to increasing
investment and support from the continent's varied stakeholders.
"Transparency is the confidence-builder that encourages Africa's
businesses, NGOs and governments to reach toward each other,"
he said. Commenting on ChevronTexaco's support for Prime Minister
Blair's Extractive Industries Transparency Initiative, O'Reilly
noted, "African nations are advancing the cause of transparency
and, I believe, are hastening the day of sustainable debt relief."
Concluding his remarks, he said, "All of us here today share
Leon Sullivan's belief that Africa truly is 'a continent of possibilities.'
Africa has so much in its hands — rich resources, the talents
and energy of its people, and the commitment of a new and growing
generation of enlightened leaders. Those gifts are the foundation
for a great bridge between Africa and America, one that will lay
the groundwork for an African renaissance and fulfill Leon Sullivan's
vision. If we work together — if we reach out to each other
— that vision can and will be realised."
O'Reilly's remarks came on the third day of the summit.
Earlier in the week, during an address to mark the summit's opening,
U.S. President George W. Bush paid tribute to O'Reilly's leadership
on economic and social issues when he said, "Dave O'Reilly
understands the definition of corporate responsibility, and I appreciate
the leadership of Dave and ChevronTexaco.
Their job is not only to make a return for their shareholders,
their job is to show compassion, as well. And I appreciate your
leadership, Dave."
Posted by Richard Price,
Editor Pipeline Magazine
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