Home News American News US-Africa ties get $30 bn boost

US-Africa ties get $30 bn boost

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(140807) -- WASHINGTON, Aug. 7, 2014 (Xinhua) -- U.S. President Barack Obama speaks at a press conference during the U.S.-Africa Leaders Summit in Washington Aug. 6, 2014. The U.S. will help build a rapid response force in Africa in a new peacekeeping partnership with the continent, Obama said on Wednesday. (Xinhua/Yin Bogu) (zhf)

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

(140807) -- WASHINGTON, Aug. 7, 2014 (Xinhua) -- U.S. President Barack Obama speaks at a press conference during the U.S.-Africa Leaders Summit in Washington Aug. 6, 2014. The U.S. will help build a rapid response force in Africa in a new peacekeeping partnership with the continent, Obama said on Wednesday. (Xinhua/Yin Bogu) (zhf)
U.S. President Barack Obama speaks at a press conference during the U.S.-Africa Leaders Summit in Washington Aug. 6, 2014. The U.S. will help build a rapid response force in Africa in a new peacekeeping partnership with the continent, Obama said on Wednesday. (Xinhua/Yin Bogu) (zhf)

President Barack Obama announced $7 billion in new financing to promote US exports to and investments in Africa under the Doing Business in Africa (DBIA) Campaign at Tuesday’s US-Africa business forum during the summit, Xinhua quoted the White House as saying in a statement.
US companies also announced new deals on clean energy, aviation, banking, and construction worth more than $14 billion.
The Power Africa initiative launched by 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 US jobs,” the White House said.
Obama also created a president’s advisory council on DBIA Tuesday to encourage US 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 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.

- U.S. President Barack Obama (4th L) poses for a family photo with leaders of African countries during the U.S.-Africa Leaders Summit in Washington D.C., the United States, Aug. 6, 2014.
– U.S. President Barack Obama (4th L) poses for a family photo with leaders of African countries during the U.S.-Africa Leaders Summit in Washington D.C., the United States, Aug. 6, 2014.