President Obama Announces $33 Billion in Commitments to Africa

2014 U.S. Africa Leaders Summit 350x241 President Obama Announces $33 Billion in Commitments to Africa

President Obama Announces $33 Billion in Commitments to Africa

President Obama announced $33 billion in commitments to Africa to form economic partnerships beyond the usual humanitarian aid. This comes as the U.S. is playing catch-up to the Chinese, who have capitalized on the growing economies. Africa is home to six of the world’s fastest growing economies and fast-growing middle class. That means increased spending power.

The bulk of the commitments Obama made comes from private sector companies like Coca Cola and General Electric.

President Obama noted that just one percent of U.S. exports go to sub-Saharan Africa and the U.S. trade with the continent is about the same as its trade ties to Brazil.

Obama said at the U.S.-Africa Leaders Summit, “We’ve got to do better, much better.” He added, “I want Africans buying more American products and I want Americans buying more African products.”

Former New York City mayor Mike Bloomberg, who opened the summit, said, “We also realize we have some catching up to do.” “We are letting Europe and China go faster than the U.S.,” he added.

Fact-sheet on Doing Business in Africa: http://www.whitehouse.gov/the-press-office/2014/08/05/fact-sheet-doing-business-africa-campaign

Here are some tweets about the #USAfrica:

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 President Obama Announces $33 Billion in Commitments to Africa
Janet Shan is a freelance journalist and managing editor of the Hinterland Gazette, who is working on her first novel, a mystery based in the hills on Montego Bay.
  • http://withintheblackcommunity.blogspot.com Constructive_Feedback

    Wow. Excellent ANALYSIS. I was waiting for you to make the case that Coca Cola was investing for altruistic purposes only.