Obama announces $33 billion of US investment in African infrastructure and business

• 10 years ago (2014-08-07)
• Junior Isles

Africa 323 Asia 898 North America 1026

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Speaking at the first US-Africa Leaders' Summit, attended by over 40 African heads of state, US President Barack Obama revealed the US government and US companies have pledged around $33 billion of investment to fund energy and infrastructure projects across Africa.

The summit is part of efforts by the US to strengthen ties with African nations as China continues to increase its investment across the continent.

The investment deals included a $5 billion partnership between private-equity firm Blackstone and Africa's richest businessman, Aliko Dangote, to fund energy infrastructure projects in sub-Saharan Africa.

Obama’s own Power Africa initiative also received an additional $12 billion in pledges supporting the development of African energy infrastructure.

The World Bank announced $5 billion of investment in Power Africa, while General Electric committed $2 billion to infrastructure and energy access projects.

Obama also announced an additional $7 billion of financing through the Doing Business in Africa (DBIA) Campaign.

"Up to tens of thousands of American jobs are supported every time we expand trade with Africa," Obama stated. "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 continued.