US, World Bank and businesses pledge billions for Africa

President Obama announced that the U.S. government, World Bank and businesses will invest a combined $33 billion in Africa’s economy, showcasing America’s economic ties to a continent where trade and investment are increasingly dominated by China and Europe.

Obama said the United States will finance $7 billion in business exports and investments in Africa, while U.S. companies have inked $14 billion in deals with the continent.

And the World Bank, Sweden and private sources have pledged another $12 billion in funding for Obama’s Power Africa energy initiative, bringing the electrification program’s total funding to $26 billion.

U.S. food aid policy has shifted under the Obama administration. Rather than relying primarily on federal funds to support small farmers overseas, the administration has enlisted African companies and major multinationals to help address some of the development challenges Africans still face.

This entry was posted in International Cooperation by Grant Montgomery.