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Obama Says U.S. Companies to Invest $14 Billion in Africa


The three-day Africa summit is underway in Washington and President Obama announced U.S. corporations will invest $14 billion in construction, clean energy and information technology projects across Africa. Dozens of U.S. politicians, 50 African heads of states and 100 American and African business leaders are meeting in Washington to talk about how to work together more. They agree that Africa is a fast growing region with most of its resources untapped, including the abundance of natural reserve and the talented people. They want more partnerships. "As the president, I made it clear that the United States is determined to be a partner in Africa's success: a good partner, an equal partner and a partner for the long term." The president said U.S. businesses have committed $14 billion to help Africa to build better infrastructure. GE, Marriott and IBM are among them. TheStreet's Julia Sun reports from Wall Street.