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US-Africa ties get USD 30 bn boost

IANS 06 Aug 2014, 7:38:00 AM IST
Washington: Commitments worth over USD 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 Tuesday.

President Barack Obama announced USD 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 USD 14 billion.

The Power Africa initiative launched by Obama last year aiming to help African countries get affordable and sustainable power, has also got USD 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 USD 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.