US Africa ties get $30 bn boost

August 06, 2014 10:09 am | Updated April 21, 2016 03:58 am IST - Washington

South Africa's President Jacob Zuma and his wife Nompumelelo Primrose Zuma wave upon arrival for a dinner hosted by President Barack Obama for the U.S. Africa Leaders Summit on Aug. 5, 2014. African heads of state gathered in Washington for an unprecedented summit to promote business development.

South Africa's President Jacob Zuma and his wife Nompumelelo Primrose Zuma wave upon arrival for a dinner hosted by President Barack Obama for the U.S. Africa Leaders Summit on Aug. 5, 2014. African heads of state gathered in Washington for an unprecedented summit to promote business development.

Commitments worth over $30 billion were announced at the first U.S.-Africa summit to boost economic ties between the world’s largest economy and the continent, the White House said on Tuesday.

U.S. President Barack Obama announced $7 billion in new financing to promote U.S. exports to and investments in Africa under the Doing Business in Africa (DBIA) Campaign at Tuesday’s U.S.-Africa business forum during the summit, Xinhua quoted the White House as saying in a statement.

U.S. companies also announced new deals on clean energy, aviation, banking, and construction worth more than $14 billion.

The Power Africa initiative launched by Mr. Obama last year aiming to help African countries get affordable and sustainable power, has also got $12 billion of new commitments from the private sector, the World Bank, and the Swedish government.

“Taken together, these new commitments amount to more than $33 billion, supporting economic growth across Africa and tens of thousands of U.S. jobs,” the White House said.

Mr. Obama also created a president’s advisory council on DBIA on Tuesday to encourage U.S. companies to trade with and invest in Africa. The council will have no more than 15 members from the private sector, including small businesses.

About 50 African leaders have joined in the three-day summit which started on Monday. The major focus of the summit is to boost bilateral trade and investment, strengthen security partnerships and to support a new generation of African leaders.

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