2014-08-06 12:13:22
US companies have pledged $14bn ( 8.3bn) of investment in Africa in areas such
as energy and infrastructure, US President Barack Obama has said.
The announcement came at the first US-Africa Leaders' Summit, attended by over
40 African heads of state.
The summit is an effort to strengthen US ties with Africa as China increases
its African investments.
Mr Obama also hosted a dinner for African leaders at the White House.
The deals announced on Tuesday included a $5bn partnership between
private-equity firm Blackstone and Aliko Dangote, Africa's richest businessman,
for energy infrastructure projects in sub-Saharan Africa, as well as more
investments in Mr Obama's Power Africa initiative.
According to the White House, Power Africa received an additional $12bn in
pledges towards its effort to develop energy supplies on Africa through a mix
of investment and state involvement.
President Obama raises a glass President Obama toasting his guests at a White
House dinner
Malawi President and his wife Malawi's President Mr Mutharika and his wife were
among Mr Obama's guests
Ivory Coast's prime minister at White House Ivory Coast's Prime Minister Daniel
Kablan Duncan also attended the White House dinner
'Unlocking growth'
The World Bank announced a $5bn investment in Power Africa and General Electric
said it had committed $2bn to help boost infrastructure and access to energy.
"We gave it to the Europeans first and to the Chinese later, but today it's
wide open for us," said General Electric chief executive Jeff Immelt.
Mr Obama also said that the US would offer an additional $7bn of financing
through the Doing Business in Africa (DBIA) Campaign, bringing the total new US
commitments to investment in Africa announced on Tuesday to $33bn.
"Up to tens of thousands of American jobs are supported every time we expand
trade with Africa", said Mr Obama.
"As critical as all these investments are, the key to unlocking the next era of
African growth is not going to be here in the US, it is going to be in Africa,
" he added.
The three-day summit ends on Wednesday.