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

54 mins ago in Lifestyle

Public pools are gross, but you’ll go swimming anyway

Fresh
16-overlay-10

A new report by the Centers for Disease Control and Prevention says almost 80 percent of public pools fail routine health inspections.

1 hour ago in Entertainment

‘The Fast and the Furious’ racing back to theaters for anniversary run

Fresh
11-overlay-13

The first film in the highly-popular franchise was released on June 22, 2001 and will hit theaters again next month for a limited nationwide run.

1 hour ago in Music

Pink Floyd honored on special British stamps

Fresh
rogerwaters16124858764661

The commemorative stamps, issued by Britain's postal service Royal Mail to mark the 50th anniversary of the band's first professional gig, will be available at U.K. post offices from July 7.

1 hour ago in Entertainment

Dustin Diamond back in jail in Wisconsin

Fresh
dustindiamond

The former "Saved by the Bell" star reportedly violated the terms of his parole.

1 hour ago in Entertainment

WATCH: ‘Game of Thrones’ creators apologize

Fresh
24-overlay-9

They're not sorry for killing off Hodor ... they're sorry for the aftermath.