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

PURSE STRINGS

Updated Apr. 14, 2017 3:17PM EDT / Published Aug. 05, 2014 7:46AM EDT

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

Mandel Ngan/AFP/Getty