Obama announces over $40b in new commitments to Africa

WASHINGTON - US President Barack Obama on Tuesday announced US$33 billion (S$41 billion) in new investment and financing commitments to Africa during a three-day summit with dozens of leaders from the continent.

"That will support development across Africa and jobs in the United States," Mr Obama said

"The bottom line is that the United States is making a major long-term investment in African progress."

The US$33 billion included US$12 billion in new money for the power sector, seen as crucial to building up the African economy, and another US$14 billion in investments in other sectors by US companies.

The announcement was aimed at convincing some 45 African heads of state and government gathered in Washington that the United States is committed to participating in Africa's economic emergence, despite having fallen behind competitors in China and Europe.