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.