Towns
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
newvision


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 digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Nine arrested over illegal power connections
Residents of Jinja are arrested after being found using illegally connected electricity in a joint operation....
Muntu hands over FDC presidency
FDC president Mugisha Muntu hands over office as he starts his campaigns for the party’s presidency flagbearer....
Mob kills suspected thief
POLICE in Mityana are looking for a man, who mobilised a mob to kill his cousin brother, accusing him of being a thief...
High dropout rates shock Otuke district leaders
HIGH school dropout and child marriages in Otuke district is worrying the district leaders...
Akena sworn in as UPC president: In pictures
The Uganda People's Congress party finally swears in their new president Jimmy Akena....
House empty, plenary suspended
The Speaker on Wednesday afternoon suspended plenary session for 15 minutes for lack of quorum....
Do you think Ugandan graduates are the worst in the region?
Yes
No
Can't Say
follow us
subscribe to our news letter