US, Africa Summit Yields $2.5bn In New Trade Deals

The United States says the 17th US -Africa Business Summit yielded more than $2.5bn in new deals and commitments between US and African partners.

The US Department of State said the summit, which held from June 22 to 25, attracted more than 2,700 US and African public and private sector leaders.

The department said the summit was hosted by the Corporate Council on Africa and the President of Angola, noting this year’s summit marked a record turnout, including 12 African Heads of State.

“During the summit, more than $2.5bn in new deals and commitments between US and African partners were announced,” it said.

The department added that the deals and commitments reinforced “the United States’ prioritisation of trade. It added that the deals and commitments over aid in our approach to Africa – engaging Africans as peers and partners in investment-led growth.”

A breakdown of the deals and commitments included a strategic partnership agreement between a U.S. consortium led by Florida-based Amer-Con Corporation and 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.