At summit in Washington, Obama pledges $33B in commitments for Africa

Global Business

U.S. President Barack Obama pauses as he speaks at the US-Africa Business Forum during the US-Africa Leaders Summit on Tuesday, Aug. 5, 2014, at the Mandarin Oriental Hotel in Washington. (AP Photo/Charles Dharapak)

The U.S.-Africa leaders summit is underway in Washington, D.C., where nearly 100 American and African companies are talking about future economic collaboration. The U.S. government has announced $33 billion in commitments aimed at increasing U.S. economic ties with Africa. A big part of the money, $14 billion, is coming from the private sector.

CCTV America’s Daniel Ryntjes reports.

Follow Daniel Ryntjes on Twitter@danielryntjes

At summit in Washington, Obama pledges $14B investment in Africa

The U.S.-Africa leaders summit is underway in Washington, D.C. Nearly 100 American and African companies are talking about future economic collaboration. Moreover, the U.S. government has announced $14 billion in investment.

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The U.S.- Africa Leaders summit is in its second day in Washington DC. Nearly 100 American and African companies are talking about future economic collaboration. And the U.S. government is announcing $14 billion in investments from U.S. businesses.
CCTV America’s Girum Chala reports.

U.S. investments in Africa

The U.S.- Africa Leaders summit is in its second day in Washington DC. Nearly 100 American and African companies are talking about future economic collaboration. And the U.S. government is announcing $14 billion in investments from U.S. businesses. CCTV America's Girum Chala reports.

Today President Obama is participating in the largest-ever event involving an American leader and African heads of state. And the bottom line is about business and investment.

The U.S. President announced that American businesses are investing $14 billion in Africa, from infrastructure to information technology, as Africa’s growing economies are a good bet for the future.

CCTV America’s Brian Mooar reports from Washington, D.C.

At a first-of-its kind summit in Washington, President Obama is trying to help U.S. businesses find the profit in helping Africa, home to six of the world’s ten fastest growing economies. Obama is leading a conversation about a continent where starvation, disease and disorder compete with enormous but barely untapped economic potential. Sixty percent of the continent’s population is between ages 15-25 and education is seen as the foundation of Africa’s future. Corporate giants like IBM and Coca Cola are betting big. Still headlines like the kidnappings of school girls by Muslim extremists in Nigeria give investors pause. The U.S. – Africa Leaders Summit in Washington is a chance for Africa to show the world it means business.

U.S.- Africa Leaders Summit is a chance for Africa

At a first-of-its kind summit in Washington, President Obama is trying to help U.S. businesses find the profit in helping Africa, home to six of the world's ten fastest growing economies. Obama is leading a conversation about a continent where starvation, disease and disorder compete with enormous but barely untapped economic potential. Sixty percent of the continent's population is between ages 15-25 and education is seen as the foundation of Africa’s future. Corporate giants like IBM and Coca Cola are betting big. Still headlines like the kidnappings of school girls by Muslim extremists in Nigeria give investors pause. The U.S. - Africa Leaders Summit in Washington is a chance for Africa to show the world it means business.

For more on the U.S.-Africa Leaders Summit, Emira Woods talks about the partnership and future relations between the U.S. and Africa. Emira is the Global Client Principal for Social Impact Programs at ThoughtWorks and an analyst of U.S. foreign policy, with a special emphasis on Africa and the developing world.

Emira Woods on the partnership and future relations between the U.S. and Africa

For more on the U.S.-Africa Leaders Summit, Emira Woods talks about the partnership and future relations between the U.S. and Africa. Emira is the Global Client Principal for Social Impact Programs at ThoughtWorks and an analyst of U.S. foreign policy, with a special emphasis on Africa and the developing world.

Speaking before the leaders of 45 African states and hundreds of U.S. and African business leaders, President Obama urged American businesses to seize economic opportunities and strengthen its foothold in Africa.
During the forum, business leaders discussed concerns about existing barriers to enhanced trade and economic development, including transport infrastructure and lack of access to power, something that is now being addressed by President Obama’s Power Africa Initiative.
Delegates to the summit also appealed for more to be done to energize the next generation of business entrepreneurs through better access to technology and education. It’s an urgent issue, given that Africa has the youngest population in the world, with around 200 million people aged between 15 and 24. So the U.S. message to African leaders gathered here is that America is interested in investing for the long term in economic development – and being part of a movement to unlock the potential of Africa’s human capital.

U.S.-Africa tightens business relations

Speaking before the leaders of 45 African states and hundreds of U.S. and African business leaders, President Obama urged American businesses to seize economic opportunities and strengthen its foothold in Africa. During the forum, business leaders discussed concerns about existing barriers to enhanced trade and economic development, including transport infrastructure and lack of access to power, something that is now being addressed by President Obama's Power Africa Initiative. Delegates to the summit also appealed for more to be done to energize the next generation of business entrepreneurs through better access to technology and education.