On Tuesday, President Barack Obama will announce $14 billion in commitments by U.S. companies to invest in Africa.
According to a Reuters report, President Obama will make the announcement at the U.S.-Africa Business Forum in Washington.
The U.S.-Africa Business forum is the first of its kind, and will bring together Africa’s topmost political and business leaders and American business leaders to engage in discussions on finding new avenues for strategic collaboration and partnerships.
According to the Reuters report, quoting a White House official, the $14 billion in investments will focus on industries like banking, construction, banking, information technology and clean energy.
“These investments will deepen U.S. economic engagement in Africa, fueling growth that will support broader African prosperity and emerging markets for U.S. businesses, which will support jobs in both the United States and Africa,” the White House official said.
The U.S.-Africa Business forum is coming on the second day of the U.S.-Africa summit, the largest ever gathering of African leaders in Washington which kicked off on Monday.
Obama invited close to 50 African heads of state to the 3-day summit where discussions on trade, security and governance will take center stage. It’s an attempt by Obama to deepen U.S.’ engagement with Africa and to build his legacy on a continent where his commitment has often been called to question, but pundits have termed it a desperate attempt by Obama to play catch-up with China in engaging Africa in trade, even as the President seeks a bigger U.S. role in Africa.
More than 90 U.S. companies will attend the U.S.-Africa Business Forum including Chevron CVX -0.85%, Citigroup C -0.08%, Marriott International and Wal-Mart.
Some of the African businesses attending the programme include Dangote Group and African Rainbow Minerals, companies founded by billionaires Aliko Dangote and Patrice Motsepe, among others.