News

Obama to announce $14B in investments in Africa

Obama to announce $14B in investments in Africa

AFRICAN INVESTMENTS: Nigeria's President Goodluck Jonathan, center, departs a reception for leaders attending the US-Africa Summit on Capitol Hill in Washington, Monday, Aug. 4. The gathering was hosted by the Senate Foreign Relations Committee and the House Foreign Affairs Committee. President Barack Obama and his administration are trying to strengthen ties with Africa, grappling with issues such as investment, poverty, terrorism, corruption and deadly diseases. Photo: Associated Press/J. Scott Applewhite

By Jeff Mason

WASHINGTON (Reuters) – President Barack Obama will announce on Tuesday that U.S. businesses have committed to investing $14 billion in construction, clean energy, banking, and information technology projects across Africa, a White House official said.

The announcement will occur at the U.S.-Africa Business Forum, part of a three-day Africa summit in Washington meant to showcase U.S. interest in improving trade and investment in the region.

“These investments will deepen U.S. economic engagement in Africa, fueling growth that will support broader African prosperity and emerging markets for US businesses, which will support jobs in both the United States and Africa,” the White House official said.

Obama will take part in a discussion with corporate chief executives and government leaders at the event, which will be attended by Commerce Secretary Penny Pritzker, former New York Mayor Michael Bloomberg, and former President Bill Clinton.

The business forum will allow dozens of African heads of state to mingle with U.S. and African executives, the official said. It will focus broadly on investment in finance, infrastructure, energy, agriculture, and consumer goods.

More than 90 U.S. companies are slated to participate including Chevron Corp

Recent Headlines

in Local

Judge Considers Whether to Dismiss Illinois Head-Injury Suit

ihsa

Cook County Judge Leroy Martin Jr. heard oral arguments Friday.

in Local

Ex-Washington Mayor Don Gronewald Dead at 83

wtax 011015

Gronewald, mayor of the central Illinois town from 1989 to 2001, died Tuesday at OSF Saint Francis Medical Center in Peoria.

in Local

Iran Deal Gives Durbin a Shot at Political Redemption

dickdurbin2

Dick Durbin leading effort to get votes in favor of nuclear deal with Iran.

in Local

Munger Under Fire Over Outgoing State Funds

Biss and Munger

State Senator Daniel Biss says the comptroller’s office is having trouble following court ordered payments to various groups.

in Local

Legionnaires’ Disease Sickens 23 and Kills 2 in Quincy VA Home

Quincy VA Home

The Illinois Department of Public Health is taking steps to prevent more people in a Quincy veterans’ home from contracting Legionnaires’ disease.