News

Obama to announce $14B in investments in Africa

Obama to announce $14B in investments in Africa

AFRICAN INVESTMENTS: Nigeria's President Goodluck Jonathan, center, departs a reception for leaders attending the US-Africa Summit on Capitol Hill in Washington, Monday, Aug. 4. The gathering was hosted by the Senate Foreign Relations Committee and the House Foreign Affairs Committee. President Barack Obama and his administration are trying to strengthen ties with Africa, grappling with issues such as investment, poverty, terrorism, corruption and deadly diseases. Photo: Associated Press/J. Scott Applewhite

By Jeff Mason

WASHINGTON (Reuters) – President Barack Obama will announce on Tuesday that U.S. businesses have committed to investing $14 billion in construction, clean energy, banking, and information technology projects across Africa, a White House official said.

The announcement will occur at the U.S.-Africa Business Forum, part of a three-day Africa summit in Washington meant to showcase U.S. interest in improving trade and investment in the region.

“These investments will deepen U.S. economic engagement in Africa, fueling growth that will support broader African prosperity and emerging markets for US businesses, which will support jobs in both the United States and Africa,” the White House official said.

Obama will take part in a discussion with corporate chief executives and government leaders at the event, which will be attended by Commerce Secretary Penny Pritzker, former New York Mayor Michael Bloomberg, and former President Bill Clinton.

The business forum will allow dozens of African heads of state to mingle with U.S. and African executives, the official said. It will focus broadly on investment in finance, infrastructure, energy, agriculture, and consumer goods.

More than 90 U.S. companies are slated to participate including Chevron Corp

Latest News

in Entertainment

Facebook has an heiress

facebook

Mark Zuckerberg and his wife, Priscilla Chan, are expecting their first child.

in Entertainment

TV: What’s new on Netflix, Amazon & Hulu

netflix

August is shaping up to be a good month for streaming some hit movies and the TV series you've been meaning to check out.

in Albemarle County, Charlottesville City, Local, UVA

Area Residents Look Back At 9-11

Digital Camera

Area residents have been reflecting on the 9-11 attacks following a ceremony at the Fontaine Avenue fire station.

in Albemarle County, Charlottesville City, Local, Surrounding Counties, UVA

Va. Can Take Confederate Flag Off Plates

Confederate Flag 2 (clipart)

A federal judge has ruled the state is allowed to remove Confederate flags from Virginia vanity license plates.

in Entertainment

REVIEW: Strong cast helps ‘Rogue Nation’ create a blast of entertainment

20-overlay10

In the latest installment of the "Mission: Impossible" franchise, Tom Cruise may have finally found a marriage that will work.