Browsing: Biden

US-Africa Summit commits US$55 billion to be invested in Africa over the next three years along with several new partnerships and initiatives. Photo/Foreign policy

Despite Biden joke, US is serious about its relations with Africa 

Countries
  • US$55 billion to be invested in Africa over the next three years along with several new partnerships and initiatives.
  • The U.S.-Africa Business Forum was held and attended by 300 executives from American and African companies.
  • For African youth development, the US announced more than $100 million in funding for the Young African Leaders Initiative (YALI).

This year’s U.S. Africa Leaders Summit (13-15 Dec) in Washington has been defined not by the African guest’s colourful dress code, but by the billions that were pledged in aid, grants and support.

To the welcome of the flamboyant African leaders and businessmen, US officials and corporate chiefs announced US$55 billion to be invested in Africa over the next three years along with several new partnerships and initiatives.

The sum is significant, but going with President Joe Biden’s statement, this is just the beginning. “There’s so much more we can do together and that we …

OPEC+ resolution on oil and gas

Oil and gas: can Africa capitalise on the OPEC+ resolution

Industry and Trade

African governments must consider strategies to optimise the effective use of imported oil. The optimisation will reduce net oil import proportions to minimise expenses. More generally, African nations must explore these strategies to minimise their reliance on oil as their only energy source.

Reducing oil consumption by shifting to renewable resources represents a long-term or short-term solution. In contrast, if Africa is to benefit or gain from the imminent possibility of an increase in oil prices, these few oil-producing nations must expand their crude oil production and refinery capacity.…

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IMF, International Monetary Fund

US, Tanzania forging investment partnerships worth billions

Industry and Trade

The EABC noted that foreign direct investments from the US. to Tanzania stood at US$1.5 billion in 2019, a 5.2 per cent increase from 2018. Tanzania is followed by Kenya – which received US$353 million in the same year – followed by Uganda US$42 million, Rwanda (US$11 million) and Burundi, which managed to attract US$1 million in the same year (2019).

Tanzania has managed to secure the US. as a development partner and as a viable investment in potential sectors such as mining and agriculture. President Samia has worked to give the investment landscape 180 shifts, particularly enhancing the domestic and international confidence in Tanzania’s business climate.

Over the past years, agricultural produce, minerals and textiles have covered most of the goods exported to the US. However, there are other avenues of potential investment in Tanzania, especially in oil and gas, real estate, manufacturing and telecommunications.…