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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.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Severe rain in Venezuela has caused rivers to overflow and triggered landslides, sweeping away homes and collapsing a highway bridge, with five states affected and no casualties reported so far.
A malfunction in the radar transmission system at the Area Control Center in Milan suspended more than 300 flights at the weekend, across northwest Italy since Saturday evening according to Italy's air traffic controller Enav (National Agency for Flight Assistance).
Thousands of protesters rallied in Bangkok on Saturday, demanding Prime Minister Paetongtarn Shinawatra resign as political and economic tensions mount.
The Asian Infrastructure Investment Bank (AIIB) and the Arab Fund have signed a memorandum of understanding to formalize a strategic partnership focused on advancing sustainable infrastructure in shared priority regions.
Tesla’s new car registrations plunged sharply in June, dropping 64.4% in Sweden and 61.6% in Denmark compared to last year, highlighting growing challenges for the U.S. electric vehicle maker in these Nordic markets.
Gold prices edged higher on Monday after slipping to their lowest level in more than a month, supported by a weakening U.S. dollar and easing geopolitical tensions that have tempered safe-haven demand.
The French Riviera town of Cannes will restrict large cruise ships from docking starting from January 2026, as part of new efforts to manage over tourism and protect local infrastructure.
Polish refiner Orlen will not buy Russian oil for its Czech refinery after 30 June, Chief Executive Ireneusz Fafara said on Monday. "We freed Central Europe from Russian oil today," Fafara stated.
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