Wednesday, 6 August 2014

Obama to invest $30 billion in Africa

By YEMI DIPEOLU - Wed Aug 06, 6:28 pm
President Barack Obama has said that he will be investing $33 billion in order to improve business in Africa and encourage trade between the two continents, particularly Sub-Saharan nations.
The pledge comes as Obama met with dozens of African leaders at the first U.S African summit which took place on Tuesday, and Obama where he encourage the leaders of 50 African nations to let go of their corrupt ways, in order to improve economically.
‘The future belongs to those who build,’ he stated ‘not to those who destroy.’
Several nations have become interested in ‘investing in Africa’ as business continues to flourish on the continent. China in particular are interested in the natural resources, such as oil and coal that Africa has to offer and according to Fox News are looking to “build roads, bridges and ports” in order to get hold of them.
Obama, however, argued that America is more interested in the success of Africa, rather than simply using Africa for their own benefit, suggesting that they will thus make better partners than China.
“The United States is determined to be a partner in Africa’s success,” he said. “We don’t look to Africa simply for its natural resources. We recognize Africa for its greatest resource, which is its people, their talents and their potential.”
“I want Africans buying more American products and Americans buying more African products,” he added.
Investments from big names such as Coca-cola, General Electric, IBM and Mariott,  worth $14 billion aims to improve Africa’s financial and industrial infrastructure, while trading between Africa and America looks to improve communications between the two nations and also hopes to build up young entrepreneurs.