More than $2.5 billion in new deals and commitments between the United States and African partners were announced at the 17th summit, underscoring the U.S. commitment to prioritizing trade over aid by engaging Africans as equal partners in investment-driven growth, the State Department announced.
"The record turnout clearly demonstrated that both U.S. and African leaders are strongly committed to significantly expanding trade and investment. The U.S. aimed at the Summit to secure important deals and commitments for American companies and to create favorable conditions to increase U.S. exports and investment in Africa," - the statement reads.
From 22 to 25 June, more than 2,700 U.S. and African public and private sector leaders gathered for the 17th U.S.-Africa Business Summit, hosted by the Corporate Council on Africa and the President of Angola. This year’s Summit marked a record turnout, including 12 African Heads of State.
The U.S. Delegation, led by Ambassador Troy Fitrell, Senior Bureau Official for African Affairs, included the senior-most officials - Massad Boulos, Senior Advisor for Africa; Thomas Hardy, Acting Director, U.S. Trade and Development Agency; Constance Hamilton, Assistant U.S. Trade Representative for Africa; Connor Coleman, Head of Investments and Chief of Staff, U.S. International Development Finance Corporation; Tamara Maxwell, Senior Vice President for Small Business, Export-Import Bank of the United States.
Africa is the second-fastest-growing region
This year, 12 of the world’s 20 fastest-growing economies are in Africa, making it the second-fastest-growing region globally—trailing only Asia.
Technology is transforming the continent’s economic landscape. Africa’s digital economy, currently valued at $180 billion, is projected to surpass $700 billion by 2050. This growth is more than a statistic; it marks a fundamental shift in how business is conducted and highlights a surge in consumer demand. In 2024 alone, Africa imported $435 billion in goods—nearly nine times the amount in 2000.
Africa’s global influence is also expanding. Its increasing participation in multilateral institutions—most notably, the African Union’s permanent seat in the G20—reflects the continent’s growing role in shaping global policy. By 2050, Africa is expected to be home to 2.5 billion people, accounting for a quarter of the world’s population, with projected purchasing power exceeding $16 trillion.
Major Deals and Commitments for U.S. Companies
Amer-Con Corporation & Angolan Cargo and Logistics Certification Regulatory Agency
A U.S. consortium led by Florida-based Amer-Con Corporation signed a Strategic Partnership Agreement with the Angolan Cargo and Logistics Certification Regulatory Agency to construct and operate 22 grain silo terminals along the Lobito Corridor. The project is backed by the U.S. Export-Import Bank and is expected to significantly enhance Angola’s food security and agri-logistics capacity.
Cybastion & Angola Telecom
U.S. technology firm Cybastion and Angola Telecom signed a $170 million investment deal to expand digital infrastructure and cybersecurity through Cybastion’s 'Digital Fast Track' initiative, providing local training and modern infrastructure for Angola’s digital transformation.
CEC Africa & AG&P
CEC Africa Sierra Leone Ltd. signed a Memorandum of Understanding to develop West Africa’s first U.S.-sourced LNG terminal, in partnership with AG&P and backed by the U.S. International Development Finance Corporation. The terminal will power the 108MW Nant Power Project in Sierra Leone and enable affordable energy for industrial and household use in Sierra Leone.
Ruzizi III Holding Power Company & Anzana Electric Group
The Ruzizi III Holding Power Company signed an Invitation to Partner with U.S.-based Anzana Electric Group, paving the way for a 10% equity stake in a $760 million hydropower project spanning Rwanda and the Democratic Republic of Congo. The project will deliver reliable energy to 30 million people across the region and promote regional integration and stability.
Ethiopia Investment Holdings and U.S. International Finance Partners
Ethiopia Investment Holdings signed a Memorandum of Understanding with U.S. International Finance Partners to invest more than $200 million in the development of luxury hotels, branded residences, and related tourism infrastructure in Ethiopia. The agreement aligns with the development priorities of Ethiopian President Taye Atske Selassie, who witnessed the signing.
Hydro-Link and the Government of Angola
U.S. energy investor Hydro-Link signed an agreement with the Angolan Government to develop a $1.5 billion private transmission line connecting hydropower sites in Angola to critical mineral mines in the DRC. This 1,150-kilometre transmission corridor will enable the delivery of up to 1.2 gigawatts of reliable electricity from Angola’s Luaca plant and other hydroelectric facilities to the Kolwezi mining region in the DRC, supporting the region’s mining operations and energy needs.
Uzbekistan’s use of green energy sources has accounted for more than 45 per cent of its electricity generation as of on 24 June, marking a significa...
The UN's International Maritime Organization has paused escort operations through the Strait of Hormuz after a cargo ship was reportedly attacked near...
At least 235 people have been confirmed dead one day after two powerful earthquakes struck Venezuela. Hundreds of people are believed to be trapped un...
ANEWZ can exclusively report that European Commission President Ursula von der Leyen is expected to visit Azerbaijan on 1 July....
Another busy day is underway at the FIFA World Cup as Ivory Coast reached the knockouts for the first time. Ecuador stunned Germany, the Netherlands t...
China has opened its market to cashew nuts from all African countries with diplomatic relations with Beijing, removing a long-standing barrier that had restricted exports from much of the world's largest cashew-producing continent.
European museums are increasingly returning cultural artefacts to countries in Africa and the Middle East, as pressure grows to address the legacy of colonialism and disputed ownership.
The Ebola outbreak in DRC has spread to a new health zone in the northeastern province of Ituri, health authorities said on Wednesday (10 June), highlighting the challenges of containing the virus more than three weeks after the epidemic was declared.
The Democratic Republic of Congo is facing another Ebola outbreak nearly five decades after the virus was first identified near the Ebola River in 1976.
Russia has called for clarification on whether U.S. President Donald Trump has changed his position on the war in Ukraine following remarks made at the recent G7 summit in Evian-les-Bains.
As Western Europe battles a deadly heatwave that has shattered temperature records, disrupted transport and power supplies, and forced the closure of schools and cultural landmarks, attention is turning to whether El Niño is playing a role in the extreme conditions.
An earthquake of magnitude 6.9 struck Japan's northeast coast on Thursday, but no tsunami warning was issued, no injuries were immediately reported and no irregularities were found at nuclear facilities, the authorities said.
Israel's defence minister said on Wednesday Israeli troops will not withdraw from southern Lebanon, highlighting a hurdle to Iran-U.S. peace talks, as the top U.S. diplomat tours the Middle East to win over allies sceptical about a proposed deal.
The U.S. Senate rejected a resolution on Wednesday that would have directed President Donald Trump to remove U.S. forces from hostilities against Iran unless Congress formally authorised military action.
Apple is facing a £3 billion lawsuit in the United Kingdom after a competition tribunal approved a major collective action over its iCloud storage service.
China has opened its market to cashew nuts from all African countries with diplomatic relations with Beijing, removing a long-standing barrier that had restricted exports from much of the world's largest cashew-producing continent.
Media leaders from across Europe gathered in Vienna this week for the annual European Publishing Congress.
Amazon founder Jeff Bezos has said artificial intelligence will ultimately lead to labour shortages rather than widespread unemployment, pushing back against growing fears that AI will replace human workers.
French department store BHV and online fast-fashion retailer Shein have ended their partnership, seven months after the launch of a permanent Shein shop in Paris triggered controversy and widespread criticism.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment