US to Invest $33 Billion To Boost Economies In Africa
Business News, Featured, Latest Headlines Tuesday, August 5th, 2014
To improve investments in Africa, US president Barrack Obama has announced $33 billion to boost economies in African countries.
Speaking Tuesday at the ongoing US-African summit in Washington DC, President Obama said the money which bulk of it comes from private sector, is aimed at shifting ties with Africa beyond humanitarian aids.
The bulk of the money comes from companies like Coca-Cola and General Electric, and Marriott underscoring Africa’s growing economy and businesses.
“We’ve got to do better, much better. I want Africans buying more American products and I want Americans buying more African products.
“The United States is determined to be a partner in Africa’s success. We don’t look to Africa simply for its natural resources. We recognize Africa for its greatest resource, which is its people, their talents and their potential.” Obama stated
Also at the summit, U.S. companies announced $14 billion in investments for Africa including a $5 billion investment from Coca-Cola to fund manufacturing lines and production equipment; $2 billion investment from GE by 2018; $200 million in investments across Africa by Marriott, and a $66 million commitment by IBM to provide technology services to Ghana’s Fidelity Bank.
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