US-Africa Business Summit Generates $2.5 Billion in Trade Deals, Strengthening Economic Ties
The 17th U.S.-Africa Business Summit, held from June 22 to 25, has concluded with over $2.5 billion in new trade deals and commitments between American and African partners. Hosted by the Corporate Council on Africa and the President of Angola, the event marked a record turnout, attracting over 2,700 leaders from both public and private sectors, including 12 African heads of state. The U.S. Department of State emphasized that these agreements reflect a shift in focus from aid to investment-driven partnerships, signaling a new era in U.S.-Africa economic cooperation.
Key highlights of the summit include a strategic partnership led by Florida-based Amer-Con Corporation to construct 22 grain silo terminals in Angola, a project supported by the U.S. Export-Import Bank. This initiative aims to bolster Angola’s food security and agricultural logistics. Additionally, U.S. tech company Cybastion inked a $170 million deal with Angola Telecom to enhance digital infrastructure and cybersecurity, with a focus on training and technology upgrades under the “Digital Fast Track” initiative.
Energy projects took center stage at the summit. CEC Africa Sierra Leone Ltd. signed an MoU for West Africa’s first U.S.-sourced LNG terminal to support the Nant Power Project. The U.S.-based Anzana Electric Group also entered a partnership for a $760 million hydropower project between Rwanda and the Democratic Republic of Congo, expected to serve 30 million people. Meanwhile, Hydro-Link secured a $1.5 billion agreement to build a transmission line linking Angola’s hydro plants to DRC’s mining sector.
Tourism and hospitality sectors also saw attention, with Ethiopia Investment Holdings signing an MoU with U.S. International Finance Partners for a $200 million investment in luxury hotels and residences. Ethiopian President Taye Atske Selassie was present to witness the deal, which aligns with his national development priorities. These initiatives highlight America’s strategic interest in supporting infrastructure and job-creating ventures across Africa.
The U.S. delegation, led by Ambassador Troy Fitrell, included top officials from trade and finance agencies. The summit reaffirmed the Biden administration’s commitment to expanding trade, boosting exports, and fostering mutual prosperity across Africa. The event also advanced the objectives of the Trump-era Commercial Diplomacy Strategy, now being leveraged to deepen U.S.-Africa ties through commercial engagement and private sector-led growth.
Source: Punch