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…announce $350 billion to facilitate digital economy in Africa
By Gabriel Olawale
President of the United States of America, President Joe Biden has called on African leaders to invest in an economy that can withstand the kind of global shock presented by COVID-19 pandemic, saying the economic transition of the continent depends on good governance.
Speaking during the US-Africa Business Forum, Biden said that the U.S. government is committed to supporting inclusive African growth and democracy.
He announced the U.S. commitment of $350 billion to facilitate African participation in the digital economy, noting that such a commitment will help small businesses, women in business, and underserved areas in such a way that no one is left behind.
He disclosed that the summit, which brought together over 300 businesses from Africa and the U.S., was not just about networking but building connections, closing deals, and promoting shared value.
“We understand that mutual relationships are essential to collective growth and there are a lot of progress we can make if we do it together. “The partnership is about sharing success and opportunities. “When we both succeed, the whole world succeeds.”
He hinted that the whole world is still battling with the impact of COVID-19 on economics and climate change. “These challenges will need the contribution of Africa. We can’t solve global challenges without African leaders at the table. African ideas and innovation will help in shaping and providing solutions to global challenges.
He said that as part of U.S. intervention in Africa, over 231 million doses of vaccine were delivered to 49 African countries. “We also invested in Africa’s capacity to manufacture its own vaccines so that they can meet their own needs and contribute to the global supply chain.”
“We also invested in food security through the Feed the Future programme. We are also committed to strengthening democracy in Africa, which is the basis for freedom and opportunity. We are committed to supporting any aspect of Africa inclusive growth.
He hinted that the investment that the U.S. and Africa make together will be concrete proof of the beginning of a lot of things they are going to be doing together.
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