Obama announces $33B in commitments for Africa

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Associated Press

Posted on August 5, 2014 at 7:00 AM

Updated Tuesday, Aug 5 at 4:01 PM

WASHINGTON (AP) — President Barack Obama says the U.S. must do more to boost its financial foothold in Africa as economies on the continent grow stronger.

Obama is speaking at a U.S.-Africa summit in Washington that has brought together business leaders and politicians. In conjunction with the summit, the White House is announcing $33 billion in commitments aimed at increasing U.S. economic ties with Africa.

A big part of the money, $14 billion, is coming from the private sector. Among the companies announcing new commitments are Coca-Cola and General Electric.

Tuesday's business conference is part of an unprecedented three-day U.S.-Africa summit. Nearly 50 African leaders are in Washington for the meetings.

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