6 August 2014

Africa: U.S. to Invest U.S.$33 Billion in Africa

United States President Barack Obama has disclosed that the US is making a major and long term investment of $33bn in Africa's progress, saying that he will strive to increase the US' economic footprint in the continent.

Obama stated this yesterday during a business summit, one of the events marking the US/Africa Trade and Leadership summit in Washington DC.

He said, "Through our trade Africa initiative, we would increase our investment to help our African partners build their own capacity to trade, to strengthen regional markets, make borders more efficient, modernise the Customs system. We want to get African goods moving faster within Africa as well as outside of Africa."

Obama also revealed efforts being made to empower African youth, saying that the success of the continent depends a lot on the success of the youths.

Speaking about a contingent of 500 young Africans who have been in the country on the Young Africans Leaders Initiative (YALI) tour, with whom he had a town hall meeting last week, Obama said, "Finally, we are doing more to empower the next generation of African enterpreneurs and business leaders. You would have been proud to meet these young people who exhibit so much talent and so much energy and so much drive.

"The new leadership centres and online training will offer courses to tens of thousands of young entrepreneurs across Africa. Grants will help them access the capital they need to grow. We want to make sure that all that talent is tapped and they have the access to capital and the networks and the markets that they need to succeed. Because if they succeed, the countries in which they live will succeed; they will create jobs, they will create growth, they will create opportunities."


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