Money Ties: US-Africa Cash Connect
Money Ties: US-Africa Cash Connect
The first US Africa summit was recently held to boost economic ties between the 2 nations. Commitments over $30 billion were announced in a bid to strengthen the bonds between the two nations. US is the world's largest economy and Africa is one of the most densely habited continents in the world . An announcement by the White House to news media agencies confirmed that the financial committment had been made following the meet.
US President Barack Obama announced a $7 billion package for financing to promote US exports and investments in Africa. This is under a specific campaign called Doing Business in Africa/DBIA. Xinhua quoted the White House as saying that the agreement was reached by the US-Africa business forum at the summit.
US companies also announced new deals on aviation as well as banking and clean energy. Construction was another sector where collaborations between the two countries have been announced. US companies have also been helping Africa to get reasonably priced, sustainable power. The Power Africa initiative announced by Obama last year has also received committment from private sector companies as well as the World Bank and the Swedish government for the amount of $12 billion.
“Taken together, these new commitments amount to more than $33 billion, supporting economic growth across Africa and tens of thousands of U.S. jobs,” the White House is quoted by the media as having said. Obama has also created a president's advisory council on DBIA to encourage US companies to trade with and invest in Africa. The council is set to have about 15 members from the private sector and this includes small businesses. Around 50 African leaders attended the 3 day summit with the US to boost bilateral trade and strengthen partnerships . Another aim was to support a new generation of African leaders.
But what remains unaccomplished as of yet is any bid to improve the public health infrastructure of African nations. Africa's 3 countries have been hit by an Ebola epidemic and about 900 Africans have already succumbed to the fatal disease. Unfortunately , the US is blocking the use of an experimental drug which could save a lot of lives in Africa while the Americans who suffered Ebola are being treated using this drug developed by ZMapp Pharmaceuticals.
While the US president has been quoted as saying it is too "premature" to give the drug to Africa, citing lack of FDA approval one wonders why the 2 Americans were allowed to use the drug in that case. No price can be put on a human life. But business seems to be the only motivation for many nations nowadays. Due to this, compassion has become a scarce commodity while man has been reduced to a money-making machine.
