U.S. Companies to Invest $14B in Africa

    US President Barack Obama speaks during a town hall meeting at the Summit of the Washington Fellowship for the Young African Leaders Initiative(YALI) in Washington, DC on July 28, 2014. The YALI Summit serves as the lead-up event to next weeks inaugural U.S.-Africa Leaders Summit, the largest gathering any U.S. President has held with African heads of state and government, which will strengthen ties between the United States and one of the worlds most dynamic and fastest growing regions. AFP PHOTO/Mandel NGAN        (Photo credit should read MANDEL NGAN/AFP/Getty Images)

    Mandel Ngan/AFP/Getty

    On Tuesday, President Obama is set to announce that U.S. businesses have pledged to invest $14 billion in African industries. Clean energy, construction, banking, and information technology projects will be the specific targets of the funding. Obama secured investment support from over a dozen corporations, including General Electric Co. and IBM. Securing these private investments is part of Obama's larger goal of strengthening ties between the U.S. and Africa. The White House said in a statement that the funds “will deepen U.S. economic engagement in Africa, fueling growth that will support broader African prosperity and emerging markets for U.S. businesses.” Obama also hopes to outpace China, which is currently the continent's biggest investor and trading partner. Obama will formally announce the plan at the three-day U.S.-Africa Business Forum summit.

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