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Obama: US firms to invest $14bn in Africa

The announcement came at the first US-Africa Leaders Summit, attended by over 40 African heads of state The three-day summit ends on Wednesday.The deals announced…

The announcement came at the first US-Africa Leaders Summit, attended by over 40 African heads of state The three-day summit ends on Wednesday.
The deals announced on Tuesday included a $5bn partnership between private-equity firm Blackstone and Aliko Dangote, Africa’s richest businessman, for energy infrastructure projects in sub-Saharan Africa, as well as more investments in Mr Obama’s Power Africa initiative.
According to the White House, Power Africa received an additional $12bn in pledges towards its effort to develop energy supplies on Africa through a mix of investment and state involvement.
The World Bank announced a $5bn investment in Power Africa and General Electric said it had committed $2bn to help boost infrastructure and access to energy.
Obama took part in a discussion with corporate chief executives and government leaders at the event, which was attended by US Commerce Secretary Penny Pritzker, former New York Mayor Michael Bloomberg, and former President Bill Clinton.
The business forum focused on investment in finance, infrastructure, energy, agriculture, and consumer goods.
More than 90 U.S. companies are slated to participate including Chevron Corp, Citigroup Inc, Ford MotorCo, General Electric Co, Lockheed Martin Corp, Marriott International Inc, Morgan Stanley and Wal-Mart Stores Inc. Several African companies are also expected to attend.

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