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

Latest Stories

in Music

Watch Bieber’s brother, sister sing ‘Baby’

Fresh
22-overlay15

The pop star's half-siblings are caught singing their brother's first big hit and it's adorable.

in Music

Zayn Malik preparing to launch solo career

Fresh
zaynmalik

The former One Direction star is ready to go out on his own.

in Entertainment

‘Partridge Family’ star David Cassidy discusses bankruptcy auction

20-overlay9

The '70s star is putting his Florida mansion up for auction in September.

in Music

Judge to consider fate of convent Katy Perry wants to buy

katyperryconvent

The "Roar" hitmaker wants to buy a property that was once a convent.

in Entertainment

Stallone puts ‘Rocky,’ ‘Rambo’ memorabilia up for auction

sylvesterstallone

"Rambo" and "Rocky" fans no longer have to fight Sylvester Stallone for a piece of those movies' memorabilia.