Obama to announce $14B in investments in Africa

Obama to announce $14B in investments in Africa

AFRICAN INVESTMENTS: Nigeria's President Goodluck Jonathan, center, departs a reception for leaders attending the US-Africa Summit on Capitol Hill in Washington, Monday, Aug. 4. The gathering was hosted by the Senate Foreign Relations Committee and the House Foreign Affairs Committee. President Barack Obama and his administration are trying to strengthen ties with Africa, grappling with issues such as investment, poverty, terrorism, corruption and deadly diseases. Photo: Associated Press/J. Scott Applewhite

By Jeff Mason

WASHINGTON (Reuters) – President Barack Obama will announce on Tuesday that U.S. businesses have committed to investing $14 billion in construction, clean energy, banking, and information technology projects across Africa, a White House official said.

The announcement will occur at the U.S.-Africa Business Forum, part of a three-day Africa summit in Washington meant to showcase U.S. interest in improving trade and investment in the region.

“These investments will deepen U.S. economic engagement in Africa, fueling growth that will support broader African prosperity and emerging markets for US businesses, which will support jobs in both the United States and Africa,” the White House official said.

Obama will take part in a discussion with corporate chief executives and government leaders at the event, which will be attended by Commerce Secretary Penny Pritzker, former New York Mayor Michael Bloomberg, and former President Bill Clinton.

The business forum will allow dozens of African heads of state to mingle with U.S. and African executives, the official said. It will focus broadly on investment in finance, infrastructure, energy, agriculture, and consumer goods.

More than 90 U.S. companies are slated to participate including Chevron Corp

Recent Headlines

in National

General Mills recalls 1.8 million boxes of Cheerios


The company is recalling the original and honey nut flavored varieties.

in Sports

Eclectic mix of teams gear up for MLB postseason


From pitching powerhouses to aging warhorses, an eclectic cast of clubs are gearing up for MLB's playoff extravaganza.

in Entertainment, Sports

DraftKings, FanDuel defend integrity after insider bet


The two major U.S. sports fantasy companies are defending their businesses' integrity after an employee used insider information to place bets in the unregulated multi-billion-dollar industry.

in Sports

Controversial non-call denies Lions chance of first win


A controversial non-call may have cost the Detroit Lions their first win of the season following a wild finish to their 13-10 loss to the Seattle Seahawks on Monday.

in Sports

Rio Olympics cutting costs with Brazil deep in recession


Olympic organizers, faced with the reality of a country deep in recession, say they are trimming costs to keep their budget balanced.