The U.S president Barack Obama has reiterated America’s commitment to Doing Business in Africa; announcing the $7 billion in new financing to promote American exports to Africa. He disclosed this at the U.S-Africa Business Forum in Washington, D.C.
According to him, “this is part of our “Doing Business in Africa” campaign, we’re going to do even more to help American companies compete. We’ll put even more of our teams on the ground, advocating on behalf of your companies. We’re going to send even more trade missions. Today, we’re announcing $7 billion in new financing to promote American exports to Africa. Earlier today, I signed an executive order to create a new President’s advisory council of business leaders to help make sure we’re doing everything we can to help you do business in Africa”.
Regarding infrastructure dearth in Africa, he said America will partner with Africa to build the infrastructure that economies need to flourish, starting with electricity, which most Africans still lack. “That’s why last year while traveling throughout the continent, I announced a bold initiative, Power Africa, to double access to electricity in Sub-Saharan Africa and help bring electricity to more than 20 million African homes and businesses”.
With the collaboration of the World Bank, the government of Sweden and private sector partners in America, Obama said an additional $12 billion in new commitments is being made, together with a total of more than $26 billion mobilisation fund to Power Africa. This he added is aimed at bringing electricity to more than 60 million African homes and businesses that can spark growth for decades to come.
All these efforts he said are because even as Africa continues to face enormous challenges and too many Africans still endure poverty and conflict, hunger and disease and even as there’s a collaboration to meet those challenges “we cannot lose sight of the new Africa that’s emerging”.
“We all know what makes Africa such an extraordinary opportunity. Some of the fastest-growing economies in the world. A growing middle class. Expanding sectors like manufacturing and retail. One of the fastest-growing telecommunications markets in the world. More governments are reforming, attracting a record level of foreign investment. It is the youngest and fastest-growing continent, with young people that are full of dreams and ambition”, he said.
