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Obama announces $33B in commitments for Africa

  • US-Africa-Summit

    Former President Bill Clinton, left, hands the microphone to Phuti Mahanyele, CEO of The Shanduka Group, during the panel, "The New Era for Business in Africa" at the US Africa Business Forum during the US Africa Leaders Summit at the Mandarin Oriental Hotel Tuesday, Aug. 5, 2014, in Washington. Nearly 50 African heads of state are gathering in Washington for an unprecedented summit. (AP Photo/Jacquelyn Martin)

    ASSOCIATED PRESS

  • US-Africa-Summit-1

    Secretary of State John Kerry meets with Ethiopian Prime Minister Hailemariam Desalegn during the U.S. Africa Leaders Summit in Washington, Tuesday, Aug. 5, 2014. Nearly 50 African heads of state are gathering in Washington for an unprecedented summit to promote business development. (AP Photo/ Evan Vucci)

    ASSOCIATED PRESS

  • US-Africa-Summit-2

    Former President Bill Clinton speaks at the Mandarin Oriental Hotel in Washington, Tuesday, Aug. 5, 2014, in while moderating the panel, "The New Era for Business in Africa" during the US Africa Leaders Summit. Nearly 50 African heads of state are gathering in Washington for an unprecedented summit. (AP Photo/Jacquelyn Martin)

    ASSOCIATED PRESS

  • US-Africa-Summit-3

    Wal-Mart President and CEO Doug McMillon speaks during the panel, "The New Era for Business in Africa" at the U.S.-Africa Business Forum during the U.S.-Africa Leaders Summit at the Mandarin Oriental Hotel in Washington,Tuesday, Aug. 5, 2014. Nearly 50 African heads of state are gathering in Washington for an unprecedented summit. (AP Photo/Jacquelyn Martin)

    ASSOCIATED PRESS

  • US-Africa-Summit-4

    From left, former President Bill Clinton moderates the panel, "The New Era for Business in Africa" with Phuti Mahanyele, CEO of The Shanduka Group, Jeff Immelt, CEO of General Electric, Aliko Dangote, president and CEO of the Dangote Group, Doug McMillon, CEO of Wal-Mart Stores, Inc., and Andrew Liveris, CEO of The Dow Chemical Company, at the US Africa Business Forum during the US Africa Leaders Summit at the Mandarin Oriental Hotel in Washington, Tuesday, Aug. 5, 2014. Nearly 50 African heads of state are gathering in Washington for an unprecedented summit. (AP Photo/Jacquelyn Martin)

    ASSOCIATED PRESS

  • US-Africa-Summit-5

    Secretary of State John Kerry meets with Ethiopian Prime Minister Hailemariam Desalegn, third from left, and others, during the U.S. Africa Leaders Summit in Washington, Tuesday, Aug. 5, 2014. Nearly 50 African heads of state are gathering in Washington for an unprecedented summit to promote business development. (AP Photo/ Evan Vucci)

    ASSOCIATED PRESS

WASHINGTON — President Barack Obama says the U.S. must do more to boost its financial foothold in Africa as economies on the continent grow stronger.

Obama is speaking at a U.S.-Africa summit in Washington that has brought together business leaders and politicians. In conjunction with the summit, the White House is announcing $33 billion in commitments aimed at increasing U.S. economic ties with Africa.

A big part of the money, $14 billion, is coming from the private sector. Among the companies announcing new commitments are Coca-Cola and General Electric.

Today’‍s business conference is part of an unprecedented three-day U.S.-Africa summit. Nearly 50 African leaders are in Washington for the meetings.

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