Monday, 4 August 2014

Billions of dollars in deals and funding to be announced at Africa summit



The United States will announce nearly $1 billion in business deals, increase funding for peacekeeping and commit billions of dollars to expanding food and power programs in Africa during a summit this week, U.S. and development officials say.

U.S. officials said the Aug. 4-6 summit in Washington of nearly 50 African leaders hopes to showcase U.S. interest in the fast-growing region through a series of government-private partnership deals to boost trade and investment.

"You will see a series of announcements on agriculture and food, and power and energy," Rajiv Shah, the administrator of the U.S. Agency for International Development (USAID), said. "We will make big announcements that demonstrate these are big ambitions we can take on with our African partners and the private sector."

Shah said there will be new support for Power Africa, a privately funded program launched by President Barack Obama last year to install 10,000 megawatts of new generation capacity and connect 20 million new customers across Africa by 2018.

The program had already met that goal after just one year, Shah said. "Next week we will announce a more than doubling of our aspirations," he added.

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