Friday, 8 August 2014

Billions promised to Africa - here's how it would be spent | Africa | Africa | Mail & Guardian

Billions promised to Africa - here's how it would be spent | Africa | Africa | Mail & Guardian

"IT is summit season in Africa. The US-Africa Leaders Summit is the second major meeting this year, following the EU-Africa summit in March, and comes hot on the heels of similar summits with France, Japan and Arab nations last year.

Later this year India will hold its second triennial summit with African leaders, as Beijing’s flagship Forum on China-Africa Co-operation waits in the wings for next year.

These summits have recently been similar in that they are carefully wrapped in varying degrees of “co-operation” and “equal partnership” talk, but despite this the headlines are usually around the money and investment promised.

We take a look at the numbers announced so far: (Quoted exchange rates reflect the time the deal was announced.)

1: United States, ($33-billion), August 2014

President Barack Obama has become the first American leader to convene a summit of such magnitude with African heads of state, with the US-Africa summit themed around investment, security and rights issues.

On Tuesday, Obama announced $33-billion in commitments, with American companies planning $14-billion worth of investments in Africa, and his Power Africa drawing an additional $12-billion in commitments to go with the initial $7-billion it had attracted..."
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