Obama announces $33bn in Africa investments - “I want Africans buying more American products and I want Americans buying more African products,” says US president

President Barack Obama

President Barack Obama

WASHINGTON, D.C. (AA) – U.S. President Barack Obama has announced $33 billion in investment commitments to bolster Africa’s construction, clean energy, banking and information technology sectors.

Speaking at the U.S.-Africa Business Forum in Washington D.C. on Tuesday Obama said Blackstone, the financial services company, will invest in African energy projects, while Coca-Cola would “bring clean water to communities”, General Electric will invest in African infrastructure while Marriott, the global hotel company, will invest in more hotels.

Obama said. “I want Africans buying more American products and I want Americans buying more African products.”

Obama said American companies will invest more than $14 billion in the continent, while the U.S. will also spend $7 billion to promote American exports to Africa, and $12 billion in additional funding for Obama’s Power Africa initiative, which seeks to boost electricity access across  sub-Sahara Africa.

His announcement comes as Africa sees increased global investment, including from Europe and China.

The business forum is part of a three-day Africa Leaders Summit currently under way in Washington.

It is the largest meeting of African leaders at the invitation of a U.S. President to date.

 

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