Wednesday 6 August 2014

U.S.-Africa summit garners over $17 bln in investment pledges

U.S. President Barack Obama answers questions from Takunda Ralph Michael Chingonzo of Zimbabwe at the U.S.-Africa Business Forum about strengthening trade and financial ties between the U.S. and Africa while in Washington By Krista Hughes and Lesley Wroughton WASHINGTON (Reuters) - U.S. and African companies and the World Bank on Tuesday pledged more than $17 billion in investments in construction, energy and information technology projects in Africa to showcase U.S. economic interest in the fast-growing region. Business leaders told the U.S.-Africa Business Forum they wanted to seize opportunities in Africa, home to six of the world's 10 fastest-growing economies, although some said they may be late to the party. Dangote Group President Aliko Dangote signed an agreement to jointly invest $5 billion in energy projects in sub-Saharan Africa with Blackstone Group funds, saying nothing works if there is no power. Dangote also called for the U.S. Export-Import Bank to remain open, praising its support for African companies buying U.S. goods.




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