Africa-Press – Gambia. The US government will inject US$16.2 billion toward private sector investment in Africa. US National Security Council representative Mr Judd Devermont told delegates at the ongoing US-Africa Business Summit yesterday that the monetary investment would go into new trade and investment agreements between US and Africa.
He said the investment signified President Joe Biden’s commitment to accelerate partnership with Africa and advance shared prosperity for the people. Mr Devermont said the investment deals would heighten travels to Africa by the senior US government in a bid to close deals and seek more investment opportunities across Africa.
He said the trips would include Vice President Kamal Harris and cabinet members. Mr Devermont said the plenary session afforded the opportunity to assess the fulfilment of the commitments made by US and African governments and private sector leaders to strengthen the foundation for growth in partnership and promotion of private sector-led economic growth as the engine for the transformation of African trade and investment prospects. For this particular summit, he said the US had brought into the country businessmen with assets to the tune of over US$ 2 trillion to partner and forge ties across the African continent.
This, he said, was a testament to their continued aspirations to pursue business ties across Africa. He said the US had done much in terms of fulfilling the executive order on establishing the Advisory Council on Africa Diaspora as advised by President Biden in December 2022.
The Council according to Mr Devermont would look into elevating engagements through collaboration, partnership, and community-building among the US, Africa, and other nations globally.
In addition, he said the Advisory Council would consist of not more than 12 members, appointed by the Secretary of State who were representatives of and reflect the diversity of the African Diaspora from African American and African immigrant communities.
He said the US had set up agencies targeted at aiding private companies to penetrate the US market to increase trade and investment between Africa and America. The initiative, Mr Devermont said answered President Biden’s plea to have more private companies facilitated to access the American market.
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