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| US-Africa Summit: US firms to invest $14bn in Africa | US-Africa Summit: US firms to invest $14bn in Africa |
| (about 1 hour later) | |
| US President Barack Obama said US companies have pledged $14bn (£8.3bn) of investment in Africa in areas such as energy and infrastructure. | US President Barack Obama said US companies have pledged $14bn (£8.3bn) of investment in Africa in areas such as energy and infrastructure. |
| The announcement came at the first US-Africa Leaders' Summit, attended by over 40 African heads of state. | |
| The summit is an effort to strengthen US ties with Africa as China increases its African investments. | The summit is an effort to strengthen US ties with Africa as China increases its African investments. |
| Mr Obama will also host a dinner for African leaders at the White House in Washington this evening. | Mr Obama will also host a dinner for African leaders at the White House in Washington this evening. |
| The deals announced on Tuesday included a $5bn partnership between private-equity firm Blackstone and Aliko Dangote, Africa's richest businessman, for energy infrastructure projects in sub-Saharan Africa, as well as more investments in Mr Obama's Power Africa initiative. | The deals announced on Tuesday included a $5bn partnership between private-equity firm Blackstone and Aliko Dangote, Africa's richest businessman, for energy infrastructure projects in sub-Saharan Africa, as well as more investments in Mr Obama's Power Africa initiative. |
| According to the White House, Power Africa received an additional $12bn in pledges towards its effort to develop energy supplies on Africa through a mix of investment and state involvement. | According to the White House, Power Africa received an additional $12bn in pledges towards its effort to develop energy supplies on Africa through a mix of investment and state involvement. |
| The World Bank announced a $5bn investment in Power Africa and General Electric said it had committed $2bn to help boost infrastructure and access to energy. | The World Bank announced a $5bn investment in Power Africa and General Electric said it had committed $2bn to help boost infrastructure and access to energy. |
| "We gave it to the Europeans first and to the Chinese later, but today it's wide open for us," said General Electric chief executive Jeff Immelt. | "We gave it to the Europeans first and to the Chinese later, but today it's wide open for us," said General Electric chief executive Jeff Immelt. |
| Mr Obama also said that the US would offer an additional $7bn of financing through the Doing Business in Africa (DBIA) Campaign, bringing the total new US commitments to investment in Africa announced on Tuesday to $33bn. | Mr Obama also said that the US would offer an additional $7bn of financing through the Doing Business in Africa (DBIA) Campaign, bringing the total new US commitments to investment in Africa announced on Tuesday to $33bn. |
| The three-day summit ends on Wednesday. | The three-day summit ends on Wednesday. |