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U.S. Is Planning To Commit $55 Billion To Africa

US <a href=httpshowafricacomcategoryart culture>Africa<a><a href=httpshowafricacom> <a>Leaders<a href=httpshowafricacom> <a>Summit Photo State Department

 

The United States-Africa Leaders Summit 2022 began this week in Washington. The purpose of the Summit was to deepen ties with African partners based on mutual respect and similar interests and values.

The Summit was also a “opportunity to listen to and engage with African counterparts on key issues that the United States and Africa define as critical for the future of the continent and our global community,” according to the State Department.

“When Africa succeeds, the United States succeeds,” declared US President Joe Biden during the summit. To be honest, the entire planet succeeds.” According to White House National Security Advisor Jake Sullivan, the United States wants to help African countries achieve their development goals.

To that aim, Sullivan said that the United States intends to commit $55 billion to Africa over the next three years. The funds will be distributed to “a wide range of industries to address the key concerns of our day,” he added.

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How does the US government intend to spend the $55 billion? The funds will be allocated to various sectors, including health, climate change, women, and new trade and investment.

 

Health

On health, the US government wants to work with Congress to invest $1.33 billion yearly from 2022 to 2024 in the Africa region’s health workforce, for a total of at least $4 billion by Fiscal Year 2025, according to the White House. In addition, the US administration intends to invest $11.5 billion to combat HIV/AIDS, $2 billion to address the effects of Covid-19, $2 billion to combat malaria, and another $2 billion to address maternity and reproductive health issues. Overall, the United States intends to invest approximately $20 billion in health-care programs.

 

Climate change

The Biden administration plans to invest at least $1.1 billion to support the continent’s efforts in conservation, climate adaptation and energy transitions, officials told Reuters.

“These funds include U.S. International Development Finance Corporation investments into Malawi’s Golomoti JCM Solar Corporation, and a Climate Action Infrastructure Facility,” the platform added.

 

Trade and investment 

The Biden administration also announced $15 billion in trade and investment partnerships and deals.

“They include over $1 billion in deals signed by U.S. Export-Import Bank, including a $500 million memo of understanding with the African Export-Import Bank to support diaspora engagement, a $500 million deal with the Africa Finance Corp, and a $300 million memo of understanding with Africa50 to match U.S. businesses with medium- to large-scale infrastructure projects,” according to Reuters. A new “Clean Tech Energy Network” that supports $350 million in deals was also announced.

 

Women’s partnerships

The summit also focused on advancing women’s economic participation in Africa. In this regard, the U.S. International Development Finance Corporation announced $358 million of new investments in women’s initiatives. Also, the State Department will unveil a program for green jobs for women with an initial $1 million investment.

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Written by How Africa News

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