It was announced on Tuesday by Barack Obama that the US Government, World Bank and businesses will invest a total of $33 billion in Africa’s economy. Obama explained that the US will finance $7 billion in business exports and investments in Africa.
These pledges were the most important part of Obama’s three day US – Africa Leaders Summit which brought 50 African heads of state to Washington.
In another speech on Tuesday, Obama referred to a “new Africa that’s emerging,” he talked about the emerging middle class and Africa’s fastest growing telecommunications market and the world’s youngest population.
During the summit Obama repeatedly urged that America and Africa have to work together. He said/ “ I want Africans buying more American products and I want Americans buying more African products.”
Jeff Immelt, CEO of General Electric points out that America sort of gave Africa away to Europe and China and that now it is wide open for America. The business forum basically aimed to make up for ground lost to China, which became Africa’s top trading partner in 2009. Europe and China have had similar summits in recent years because of their particular interest in Africa’s natural resources. Obama, however, pitched the United States as a different kind of partner, suggesting that America aimed at giving back to Africa and helping solve its problems as well.
General Electric announced that it will pump $2 billion in Africa by 2018 while IBM confirmed that it had struck a deal to handle information technology for Fidelity Bank of Ghana for $100 million.
Whitaker suggests that the summit really provides an opportunity for Obama to “solidify his legacy on Africa” something Whitaker suggests Obama wasn’t able to do in his first term.
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