US seeks billions in Africa investment: aid agency chief

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Image is from the 14th edition of the US-Africa Business Summit, which is being held from July 19 to 22 in Marrakech. (Image/Twitter/@MarocDiplomatie)
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July 21, 2022 10:17 am
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  • Albright was speaking at the US-Africa Business Summit in Marrakesh, an annual conference organized by private organization Corporate Council on Africa
  • The meeting will bring together African political and business leaders as well as decision-makers and investors from the US private sector
Washington wants to foster billions of dollars of investment in Africa, the head of its delegation to a US-Africa business summit that began in Morocco on Wednesday told AFP.
Alice Albright, chief executive of US development agency Millennium Challenge Corporation, said Washington “is seeking to catalyze billions of dollars in trade and investment, creating jobs, and building inclusive, sustainable economic growth and prosperity” across Africa.”We must leverage the full suite of US government tools and harness the power of the US private sector and strengthen our partnerships with business leaders and investors from across the African diaspora,” she added.

The MCC has invested around $9 billion in 25 countries since 2004.

Albright was speaking at the US-Africa Business Summit in Marrakesh, an annual conference organized by private organization Corporate Council on Africa.

The meeting will bring together African political and business leaders as well as decision-makers and investors from the US private sector, according to the organizers of the event from Wednesday to Friday.

“It’s time for Africa… to play its natural and central role on the international stage,” said Moroccan Foreign Minister Nasser Bourita as he opened the talks.

Fighting climate change, the energy transition, food security, health, agriculture, infrastructure, new technologies and the digital divide are among the key issues.

The White House on Wednesday said President Joe Biden would host African leaders from December 13 to 15 for a summit aimed at highlighting the importance of US-African relations.

Biden has made countering the influence of autocratic regimes in Africa, including China and Russia, a diplomatic priority.

China has significantly increased its sway on the African continent in recent years, notably investing in infrastructure and mining projects.

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