Deals Worth $900 Million to Be Unveiled at Africa Summit

Companies will unveil at least $900 million in business deals at a U.S. summit on investment in Africa next month, according to the Commerce Department.

The U.S.-Africa Leaders Summit, to be held Aug. 4-6 in Washington, will be the forum for companies to announce the deals, which include some U.S. government funding, agency spokeswoman Marni Goldberg said today in an e-mail. She didn’t have further details.

The U.S. and China, the world’s two largest economies, are both vying for influence in Africa, which is rich in natural resources and home to a growing middle class. The summit, which President Barack Obama’s administration says is the largest for a U.S. president and African heads of state, will focus on trade and investment.

U.S. business executives and leaders from 45 African nations are scheduled to attend, according to the Commerce Department. The event, which isn’t open to the public, will include sessions on health care, food security, infrastructure, an regional stability, according to an agenda.

As part of the summit, Bloomberg Philanthropies is scheduled to co-host with the Commerce Department the U.S.- Africa Business Forum on Aug. 5. Commerce Secretary Penny Pritzker and former New York Mayor Michael Bloomberg, founder and majority owner of Bloomberg LP, the parent of Bloomberg News, are scheduled to speak at the event, which will focus on issues including finance, energy and agriculture.

The estimate of deals to be announced was reported earlier today by the Wall Street Journal.

To contact the reporter on this story: Brian Wingfield in Washington at

To contact the editors responsible for this story: Jon Morgan at Steve Geimann

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.