American and African firms have closed more than $15 billion in new commitments and deals at the US – Africa summit hosted by President Joe Biden.
The commitments cover sustainable energy, health systems, agribusiness, digital connectivity, infrastructure, and finance,
The US is trying to deepen its ties with the continent as it competes for influence with rivals China, Africa’s largest trading partner and bilateral creditor, and Russia, which has successfully strengthened relations with the region in recent months as western nations tried to isolate it over its invasion of Ukraine.
The White House now says the US government has helped close more than 800 two-way trade and investment deals across 47 African countries for a total estimated value of over $18 billion, and the American private sector has closed investment deals in the continent valued at $8.6 billion since 2021.
Some of the initiatives emerging from the US – Africa summit’s business forum include:
- At least $170 million by Prosper Africa — the US government initiative to increase trade with the continent — to boost exports to the US by $1 billion over the next five years, and mobilize another $1 billion in US investment in Africa.
- Cisco Systems Inc., the biggest maker of machines that run computer networks and the internet, is partnering with Cybastion, a diaspora-owned small business, for $800 million in new contracts to protect African countries from cyber threats.
- The US-Africa Clean Tech Energy Network — a partnership between Prosper Africa and the US Agency for International Development’s Power Africa initiative — to facilitate up to $350 million investment in clean-tech energy companies within the next five years.
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