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 Entertainment

WHAT’S ON: New on Netflix, Amazon & Hulu in September

netflix

A long holiday weekend is the perfect time to binge watch.

in Entertainment

Ed Skrein takes over driving seat in ‘The Transporter Refueled’

16-overlay5

Action thriller franchise "The Transporter" is back with a fourth installment and a new star, with British actor Ed Skrein stepping into the black suit of lead character, former special ops mercenary Frank Martin.

in Music

Gene Simmons Steps Up Internet Security After Police Raid

kiss

Kiss rocker Gene Simmons has stepped up his Internet security after police raided his home in a bid to trace an offender who downloaded child porn using the star’s wireless network.