ECONOMY

Wed 15 Mar 2023 9:33 pm - Jerusalem Time

Washington will invest billions of dollars in Africa for its economic development

Rabat, (AFP) - The head of the US delegation participating in the US-Africa Business Summit, which kicked off in Marrakech on Wednesday, told AFP that the United States will invest "billions of dollars" in cooperation with the private sector to develop the continent economically.


"The United States is seeking to pump billions of dollars into trade and investment to create jobs and achieve inclusive and sustainable economic growth and prosperity throughout the African continent," said Alice Albright, chairwoman of the Millennium Challenge Corporation (a US government development agency).


"Now, more than ever, we must harness the full range of tools of the American government, harness the power of the American private sector, and strengthen our partnerships with business leaders and investors from across the African diaspora," she added.


Since 2004, this US government agency has invested nearly $9 billion in 25 African countries.


Albright is participating in the US-Africa Business Summit, which ends Friday, in Marrakech.


This summit, which is held for the first time in North Africa, is organized annually by the "Companies Council of Africa", which is a special body.


In addition to the US government delegation, political leaders, representatives of the African business community, decision makers and investors from the US private sector will participate in the meeting, according to the organizers.


Inaugurating the summit, Moroccan Foreign Minister Nasser Bourita said, "It is time for Africa (...) to play its central and natural role on the international scene."


Among the issues addressed at this summit: combating climate change, energy transition, food security, health, agriculture, infrastructure, new technologies and the digital divide.


In Washington, the White House announced on Wednesday that President Joe Biden will host African leaders between December 13 and 15 at a summit that "will highlight the importance of relations between the United States and Africa."

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Washington will invest billions of dollars in Africa for its economic development

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