Obama Announces $33 Billion Investments in Africa

Washington, August 06 (QNA) – US President Barack Obama said that his country is ‘determined to be a partner in Africa’s success’, announcing new investments in Africa with total value of around USD 33 billion, of which USD 14 billion of corporate investments.

“We’ve got to do better, much better,” he said during remarks at the US-African Summit which started on Tuesday. Obama noted that US trade with the entire African continent is about the same as its trade ties with Brazil and that just about 1% of US exports go to sub-Saharan Africa.

Over 90 American firms took part in the summit, where the US president announced a commitment of $14 billion in investments for Africa by companies like Coca cola and General Electric.

US will, as well, provide additional USD 300 million annually to support building energy infrastructure projects in the continent to provide energy for over 60 million houses and companies. (QNA)

Leave a Reply