Record-breaking U.S.-Africa Business Summit yields $2.5 billion in deals

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.  

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