American companies to invest US$14 billion in Africa
Washington seeks stronger ties with continent amid China's gains there
American companies are planning US$14 billion worth of investments in Africa, it was revealed yesterday as the US-Africa leaders' summit turned its focus to boosting commercial ties.
President Barack Obama is to formally announce the investment projects as he addresses 35 presidents, nine prime ministers, three vice-presidents, two foreign ministers and a king from the African continent invited to Washington for the historic gathering.
The first day of the summit, the largest such meeting ever held in the US capital, saw American officials chiding their guests over democratic reform and civil rights.
The three days of talks marks one of Obama's biggest initiatives for Africa and comes against the backdrop of an Ebola outbreak and several security crises there.
Obama and titans of US commerce and industry will try to convince their counterparts that America is as determined to take part in Africa's growth story as China or Europe.
Washington is seeking stronger economic ties with Africa, having found itself outpaced by China and Europe on a continent where the International Monetary Fund expects to see 5.4 per cent growth this year and 5.8 the next.
Secretary of State John Kerry was straightforward about Washington's aims. "I say unabashedly: we want and we will work hard to get more American companies to invest in Africa," he said. "We also want more African companies to invest here in the United States, and there's no reason that they shouldn't."
