Obama woos Africa with billions of dollars in deals

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.

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