News Column

United States Announces U.S. $33 Billion in Investments for Africa

August 6, 2014

US President Barack Obama announced $33 billion in new investments and financing for Africa on Tuesday (August 5th) during the second day of the three-day US-Africa Leaders Summit in Washington, DC.

This includes $12 billion for Africa's power sector, $14 billion in investment deals and $7 billion in loans to support US exports to Africa, according to AFP.

Obama urged African leaders to not let corruption or rebellions sidetrack their gains, as he pledged a new partnership at the landmark summit.

"As president, I made it clear that the United States is determined to be a partner in Africa's success, a good partner, an equal partner and a partner for the long term," Obama said.

"We don't look to Africa simply for its natural resources. We recognise Africa for its greatest resource, which is its people and its talent and their potential," he told 45 heads of state and government.

"The bottom line is that the United States is making a major long-term investment in African progress," Obama said.

But he stressed that African leaders had to do their part to protect their gains.

"Capital is one thing. Development programmes and projects are one thing. But rule of law, regulatory reform, good governance: those things matter even more," he said, "because people should be able to start a business and ship their goods without having to pay a bribe or hire somebody's cousin."

"And we are going to have to talk about security and peace, because the future belongs to those who build, not those who destroy," Obama said.

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Source: AllAfrica

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