News Column

Obama announces $7B commitment toward 'Doing Business in Africa' campaign

August 5, 2014

U.S. President Barack Obama signed an executive order Tuesday to establish the President's Advisory Council on Doing Business in Africa.

The secretary of commerce is expected to establish the advisory council within 180 days and appoint, in consultation with the Trade Promotion Coordinating Committee, 15 private sector corporate members who represent infrastructure, agriculture, consumer goods, banking services and other unspecified industries.

"The Advisory Council shall advise the president, through the secretary of commerce, on strengthening commercial engagement between the United States and Africa, with a focus on advancing the president's Doing Business in Africa Campaign..."

At the U.S.-Africa Leaders Summit in Washington, D.C. on Tuesday, Obama participated in the U.S.-Africa Business Forum, where he announced $7 billion in new financing to support the Doing Business in Africa campaign.

The White House explained that the money will be used "to promote U.S. exports to and investments in Africa." Combined with financial commitments from U.S. companies, private sector partners, the World Bank and the Swedish government, the White House said that "these new commitments amount to more than $33 billion, supporting economic growth across Africa and tens of thousands of U.S. jobs."

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: UPI International Top News

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters