Obama woos Africa with billions of dollars in deals
Publish Date: Aug 06, 2014
Obama woos Africa with billions of dollars in deals
Presidents Barrack Obama, Yoweri Museveni and Michelle Obama
  • mail
  • img

President Barack Obama announced billions of dollars in investment for Africa on Tuesday, as the United States challenges China and Europe's leading roles in the continent's economic emergence.

But America's first black president urged African leaders to not let corruption or rebellions sidetrack their gains, as he pledged a new partnership at a landmark summit with African leaders

"As president, I made it clear that the United States is determined to be a partner in Africa's success, a good partner, an equal partner and a partner for the long term," he declared.

"We don't look to Africa simply for its natural resources. We recognize Africa for its greatest resource, which is its people and its talent and their potential," he told 45 heads of state and government.

On the business-focused second day of the three-day summit, which brought together scores of US and African business tycoons, Obama announced $33 billion in new investments and financing from the private sector and government agencies.

This includes a new $12 billion for Africa's crucial power sector -- including contributions from Sweden and the World Bank -- an industry Washington has particularly focused on for US participation.

On top of that was another $14 billion in investment deals, and $7 billion in loans to support US exports to Africa, which have sagged while imports, mainly oil, have surged in recent years.

Also related to this story

Extremists threaten economic rise, US warns Africa

US-Africa summit: political tolerance key


The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Pray for me, Pope Francis asks the Church
Pope Francis has asked Catholic religious leaders to pray for him as he serves the church....
Court issues arrest warrant for Ssegirinya
CITY Hall Court in Kampala has issued an arrest warrant for aspiring Kawempe North Member of Parliament Muhammad Ssegirinya missing several court hearings where he has to answer...
80 Ugandan artisans to exhibit in Tanzania
EIGHTY Ugandan artisans have confirmed participation in the the EAC Jua Kali / Nguvu Kazi Exhibition....
Kaberamaido hit by floods
OVER 1300 households have been affected by floods in the three sub counties of Ochero, Anyara and Otuboi in Kaberamaido district...
2015 set to be hottest year on record: UN
The year 2015 is shaping up to be the hottest on record, the UN''s weather agency said Wednesday, a week ahead of a crucial climate change summit in Paris....
New Vision’s Ariba wins Thomson prize
New Vision’s Caroline Ariba has won the prestigious annual UK Foreign Press Association Award....
Is Uganda ready for the pope's visit?
Can't Say
follow us
subscribe to our news letter