News

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

In a brief preview of Obama’s remarks, the White House did not give specifics on the nature of the business deals or identify which companies were involved.

“These agreements represent conclusive evidence that America is open for more business with Africa as the Continent’s economic ascent is just beginning,” Pritzker said in a statement.

“Each day, 250,000 Americans go to work in jobs supported by exports to Africa and these deals will lead to increased prosperity on both sides of the Atlantic in the months ahead,” she said.

The Obama administration has billed the summit as the first of its kind, but it comes long after Africa gatherings hosted in recent years by China, India, Japan and Europe, suggesting the United States is largely playing a game of catch-up for access to a market in several growing industries.

(Reporting by Jeff Mason; Additional reporting by Lesley Wroughton; Editing by Eric Walsh)

Recent Headlines

in National

Visitors to NYC’s World Trade Center can ‘see forever’

worldtradeobservatory

The center's new observatory opens Friday, offering spectacular views stretching 50 miles past the Manhattan skyline to the Atlantic Ocean.

in Sports

Hall of Famers join celebs for All-Star softball game

snoopdogg

Hollywood stars will be at bat for the MLB All-Star Legends and Celebrity softball Game.

in Sports

NBA: Top players, plays of the season

20-overlay6

A look at some of the most memorable moments of the regular season.

in National

Egg prices jump as impact of bird flu begins pinching supply

eggs

The price of eggs has risen by as much as 58 percent, as farmers battle a bird flu that has killed millions of hens.

in Election 2016, National

Republicans looking for a few good ‘losers’ in 2016

republicancandidates

As the next presidential election cycle begins the goal isn't necessarily to win every race, but to improve the performance of the Republican ticket overall.