NEW U.S.-AFRICAN PARTNERSHIPS ANNOUNCED: A PRAGMATIC APPROACH

In conjunction with the U.S.-Africa Business Forum, a number of American companies have announced new partnerships in Africa: Blackstone will invest in African energy projects, Coca-Cola will partner with Africa to bring clean water to its communities, GE will help build African infrastructure. Marriott will build more hotels. American companies have announced new deals in clean energy, aviation, banking, and construction worth more than $14 billion.

The U.S. has also announced a series of steps to boost its economic ties with Africa:

1. Renew and enhance the African Growth and Opportunity Act (AGOA).
2. As part of the "Doing Business in Africa" campaign, an additional $7 billion will be provided in new financing to promote American exports in Africa.
3. Creation of a President’s Advisory Council of business leaders to think about new and creative ways to  promote economic growth and job creation in the United States and Africa.
4. Building the necessary infrastructure for a flourishing economy. A powerful example of this commitment is illustrated by the Power Africa Initiative that the President announced last year in Africa, to help bring electricity to 20 million African homes and businesses. The initiative has already been so successful that today, the President tripled that goal, aiming to bring electricity to more than 60 million homes and business, with a total commitment of more than $26 billion to Power Africa.
5. Help more Africans trade with each other
6. Empower the next generation of Africa and business leaders, through programs like the Mandela Washington Fellowship.

There's an underlying theme to all of these partnerships: The United States is committed to making substantial and long-term investments in Africa's future. Altogether — across government and private-sector partnerships — the commitments made today total some $33 billion (€ 25 billion). That's 6 times more than the EU € 415 million allocated for African integration.