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.

U.S. technology firm Cybastion and Angola Telecom also signed a $170 million investment deal to expand digital infrastructure and cybersecurity through Cybastion’s “Digital Fast Track” initiative.

The investment would provide local training and modern infrastructure for Angola’s digital transformation.

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.

The Ruzizi III Holding Power Company signed an Invitation to Partner with U.S.-based Anzana Electric Group, paving the way for a 10 per cent equity stake in a 760 million dollars hydropower project spanning Rwanda and the DRC.

The project will deliver reliable energy to 30 million people across the region and promote regional integration and stability.Ethiopia Investment Holdings signed a Memorandum of Understanding with U.S. International Finance Partners to invest more than 200 million dollars in the development of luxury hotels, branded residences, and related tourism infrastructure in Ethiopia.

The department aaid the agreement aligns with the development priorities of Ethiopian President Taye Atske Selassie, who witnessed the signing.

“U.S. energy investor Hydro-Link signed an agreement with the Angolan Government to develop a 1.5 billion dollars private transmission line connecting hydropower sites in Angola to critical mineral mines in the DRC.

“This 1,150-kilometer 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 department said the record turnout made clear that both U.S. and African leaders shared a strong commitment to significantly expanding trade and investment.

The U.S. objective at the summit was to secure key deals and commitments for U.S. companies and establish the conditions to boost U.S. exports and investment in Africa.

It is also the objective of the summit to advance “mutual prosperity in line with the Trump Administration’s Commercial Diplomacy Strategy for Africa.”

The U.S. Delegation, led by Amb. Troy Fitrell, Senior Bureau Official for African Affairs, included the senior-most officials advancing U.S. commercial engagement across Africa.

Others were Massad Boulos, Senior Adviser 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 and Tamara Maxwell, Senior Vice President for Small Business, Export-Import Bank of the United States, were among the delegation.