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President Biden Earmarks 55 Billion for Investment in Africa

US President Joe Biden has announced billions of dollars in support and investment for Africa at a summit with the continent’s heads of state.

“The United States is all in on Africa’s future,” President Biden told the African leaders attending the Washington DC meeting.

It is the first such gathering hosted by Washington for eight years.

The summit is seen as a US attempt to re-assert its influence in Africa to counter Chinese involvement.

Mr Biden sp0ke optimistically of improved links with Africa and telling the gathering that “when Africa succeeds, the United States succeeds. Quite frankly, the whole world succeeds as well.”

To that end, the US stated it would commit $55bn (£44bn) to Africa over the next three years.

Discussions at the summit have focussed on building on already existing programmes, including:

  • Prosper Africa – a US government initiative “to increase two-way trade” between African nations and the US launched in 2018
  • the Clinton-era Africa Growth and Opportunity Act, Agoa, which provides African apparel manufacturers preferential access to the US market;
  • the Power Africa initiative launched by President Obama to connect millions of African to the grid among others.

But the success of such programmes has been slow to realise. Africa only accounts for just over 1% of US foreign trade, which is dominated by petroleum imports from Nigeria and Angola.

In his address on Wednesday, the US president spoke about a $500m-investment to reduce transport costs at a key West African port in Benin.

He also mentioned $350m that would be spent on boosting the digital economy and said that $15bn-worth of deals had been struck at the US-Africa Business Forum.

The US is also set to sign a memorandum with the African Continental Free Trade Area – one of the world’s biggest free-trade areas – which Mr Biden said would “unlock new opportunities for trade and investment” between the US and Africa.

On the sidelines of the summit on Wednesday, Mr Biden separately met the six leaders of African nations which are holding elections in 2023 to press for free votes.

Before the end of the summit on Thursday, the US president is also expected to back the African Union’s admission as a permanent member of the Group of 20 major economies. It is also likely that he will announce a trip to the continent in the new year.

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