President Barack Obama’s $37 billion business Investment in Africa


PR 168 President Barack Obama announces $37 billion business investment in Africa and $110 million annual peacekeeping support.

AFRICAN UNION
UNION AFRICAINE
UNIÃO AFRICANA
Addis Ababa, Ethiopia P. O. Box 3243 Telephone: +251 11 551 7700 / +251 11 518 25 58/ Ext 2558
website: http://www.au.int
DIRECTORATE OF INFORMATION AND COMMUNICATION
Press Release Nº168/2014
President Barack Obama announces $37 billion business investment in Africa,
and $110 million annual peacekeeping support
Washington, DC, USA – 6August 2014:United States President Barack Obama
announced a $37 billion investment in Africa, and another $110 million annual support
to African Union peacekeeping efforts, at the end of the premier US-Africa Leaders’
Summit held in Washington DC, United States of America from 4-6 August 2014.
Among other announcements, the African Growth and Opportunity Act (AGOA) will be
renewed with more products included; over 60 million African homes to be lighted
throughto the Power African Initiative, and an African Centre for Disease Control (CDC)
will be established in collaboration with the African Union.
Speaking at a press conference following the end of the Summit, H.E. Dr.
NkosazanaDlaminiZuma, AU Commission Chairperson thanked President Obama for
hosting the historic Summit, and for the announcements made that will further
strengthen the relationship between Africa and the US.
“It was a very successful summit with frank discussions among the leaders. We
commend President Obama’s leadership and commitment as well as of his
Administration to the deepening of US-Africa partnership. This summit is an important
milestone in the longstanding relationship between U.S. and Africa.” She said.
For three days the leadersfrom Government, civil society and private sector of both
sides engaged in discussions on taking the partnership to a new level based on mutual
respect and shared interests.
“Africa looks forward to doing business with American companies, not because we need
aid or assistance, but because it makes business sense to invest in Africa.”Dr.
DlaminiZumaassured highlighting the potentials in the continent, adding that, “if America
business do not hasten to invest, others will, becauseit makes sense to do so.”
The AUC Chairperson said the summit was held at a very opportune moment, when
Africa is conceiving its Agenda 2063,the future it wants in the next 50 years.The content
of the high level dialogue was in line with the Common African Position on Post-2015
Development agenda, and the aspirations of theAfrican people clearly emerging from
consultations.
The leaders examined how to work together to advance trade and investment relations,
particularly in infrastructure and energy, transforming African economies and integrating
the global value chains. The importance of quality and timely service delivery was
emphasized.
Regional integration, it was agreed,must be accelerated not just as social imperative,
but as economic necessity. President Obama pledged to support continental integration
initiatives, while contributing to building capacity to facilitate intra-continental trade, as
well as negotiating contractual agreements with investors, to enhance beneficiation from
local resource exploitation.
During the dialogue with almost 50 African leaders in attendance, theyarticulated in
unison the support to curb the illicit financial flows from Africa. Mechanisms will be
established to build the capacities of AfricanStates to monitor and limit the illicit flow of
funds through tax evasion and other unacceptable methods.
The leaders focused on systemic security challenges and threats, and how to address
them more effectively at the regional and continental levels.They agreed to enhance
regional cooperation, crisis prevention and support to African early warning
mechanisms. The US willassist countries that have already indicated their willingness to
form part of the rapid deployment capacities, and peacekeeping.President Obama
announced an annual contribution of $110 million to support the African Union’s
peacekeeping initiatives in countries like Somalia and the Central African Republic. The
US will also support capacity development to build strong and professional security
forces.
Investing in women and youth is a continental agenda that was fully embraced by the
US administration. Ahead of the conference about 500 youths had been invited to
participate in the Young African Leadership Initiative (YALI). Supporting the
empowerment of youth and women will remain central as the leaders look toward
“Investing in the next generation,” as was the main theme of the Summit.
As this maiden summit drew to a close, it was unclear when the next Summit will take
place. However, President Barack Obama voiced his encouragementfor his successor
to continue with this initiative, which he described as a “critical part of our work going
forward.”
JEE/

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