Don't miss

Replay


LATEST SHOWS

ENCORE!

TV series 'Top of the Lake: China Girl' screened at Cannes

Read more

FOCUS

A lifeline for women facing domestic violence in Pakistan

Read more

ACCESS ASIA

Afghanistan's new TV channel by and for women

Read more

EYE ON AFRICA

Former minister accused of role in murder of two UN investigators in DR Congo

Read more

IN THE PAPERS

'Murder in Manchester': Press reacts to Arena terror attack

Read more

ENCORE!

Cannes 2017: Naomi Campbell hosts 'Fashion For Relief'

Read more

MEDIAWATCH

Trump's visit to Israel in key images

Read more

THE DEBATE

Peacemaker? After Saudi Arabia, Trump visits Israel

Read more

ENCORE!

Cannes 2017: Nicole Kidman stars in 'The Killing of a Sacred Deer'

Read more

Africa

US to invest $33 billion in Africa, Obama says

© AFP

Text by FRANCE 24 (with wires)

Latest update : 2014-08-06

US President Barack Obama says his country must do more to boost its financial foothold in Africa as economies on the continent grow stronger.

Obama spoke at a US-Africa summit in Washington that has brought together business leaders and politicians. In conjunction with the summit, the White House is announcing $33 billion in commitments aimed at increasing US economic ties with Africa.

A big part of the money, $14 billion, is coming from the private sector.

Among the companies announcing new commitments are Coca-Cola and General
Electric.

Africa’s economic growth rate of 5% per year is much higher than the world average.

But American firms still have plenty to learn when it comes to doing business with the continent, according to Africa’s richest man, Nigerian billionaire Aliko Dangote.

“American companies don't have up-to-date information on Africa," he told FRANCE 24 in an exclusive interview.

"They sit here reading [the press]. You can’t do that, you have to go there physically, you have to see what it is," he said.

"A lot of guys believe Africa is one state. It's not. It's 54 different countries, different cultures so opportunities are there."

Tuesday's business conference is part of an unprecedented three-day US-Africa summit. Nearly 50 African leaders are in Washington for the meetings.

(FRANCE 24 with AP)

Date created : 2014-08-05

  • USA

    Obama hosts Africa summit amid Ebola crisis

    Read more

  • USA - AFRICA

    Despite Ebola, it's business as usual at US-Africa summit

    Read more

COMMENT(S)