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South Africa,Sweden,United States : OBAMA announces investment plans for AFRICA at the AFRICAN leaders summit

August 8, 2014

President Barack Obama announced an investment for Africa as the US challenges China and Europe's leading roles in the continent's economic emergence.

Obama urges African leaders to not let corruption or rebellions sidetrack their gains, as he pledges a new partnership at a landmark summit with African leaders.

On the 2nd day of the 3-day summit brought together scores of US and African business tycoons, Obama announced $33 billion in new investments and financing from the private sector and government agencies.

This includes a $12 billion for Africa's crucial power sector, including contributions from Sweden and the World Bank.

Another $14 billion in investment deals, and $7 billion in loans to support US exports to Africa, which have sagged while imports in oil have surged.

Obama pitched American business as a potent rival to China and Europe to benefit from Africa's economic emergence.

The bottom line is that the US is making a major long-term investment in African progress. This will support development across Africa and jobs in the US.

The summit sought to wake-up US businesses to the fact of Africa's rapid growth and huge middle class, consumers US officials want to target for American goods, from cars to processed foods.

African leaders and business chiefs complained that American businessmen are bound to outdated stereotypes of a backward continent, and see risk in investing there.

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Source: TendersInfo (India)

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