Biden Says US Committed to Promoting Investments in Africa

US President Joe Biden said on Wednesday that his country is committed to promoting investments in Africa.

"We will work to launch partnerships with Africa, and we will support The African Continental Free Trade Area (AfCFTA)" Biden added, in his word before US-Africa summit. 

In this regard, Biden added that the US will sign a memorandum of understanding (MoU) with the Secretariat of AfCFTA.

Moreover, the US President noted that the US is interested in creating commercial communication between Africa and US companies. 

"We affirm our commitment to food security for the stability of the African continent," Biden continued.

"The US has invested in African capabilities to support the continent in producing vaccines," Biden said, adding, "We are working with Congress within a new initiative for digital transformation in Africa."

"About one billion dollars will be invested in Africa over the next 5 years, to improve payment methods for mobile services," the US President confirmed.

Furthermore, Biden said that his country worked with the African Union (AU) to promote democracy and the fundamental principles that unite peoples, saying, "We seek to invest $ 350 million to support the digital economy in the African continent."

In addition, the US President added that he traveled to Egypt to attend the COP27 Climate Conference, in order to support efforts to adapt and combat climate change, explaining that the US Finance Corporation will continue its investments to support agriculture in Africa.

Biden also pointed out that the US is addressing the climate change crisis facing the world, and prioritizing the energy transition within US and African countries in order to allow adaptation to climate crises.