On 12/14/2022, Joe Biden delivered remarks at the US-Africa Business Forum. Biden on Wednesday hosted African leaders for talks on security and trade. Approximately 50 African heads of state attended. He said, “So, today, I’m announcing a new initiative: the Digital Transformation with Africa. Working with Congress to invest $350 billion to facilitate more than almost half a billion dollars in financing to make sure more people across Africa can participate in the digital economy.”
WOW! “$350 billion to facilitate more than almost half a billion dollars in financing”, how is that possible?
Biden bragged the $2B to build solar energy projects in Angola, He said, “a deal worth $2 billion to build solar energy projects in Angola; $600 million in high-speed telecommunications cable that will connect Southeast Asia to Europe via Egypt and the Horn of Africa and help bring high-speed Internet connectivity to countries all along the way.”
Today, the Millennium Challenge Corporation signed its first-ever regional transport compact with the governments of Benin and Niger. This compact will invest $500 million to build and maintain roads, put in place policies that reduce transportation costs, making it easier and faster for ships to ship goods from the Port of Cot- — excuse me, from the Port of Cotonou to neighboring locked — landlocked countries.
Since the start of my administration, the MCC has announced new investments of nearly $1.2 billion in Africa. We expect the MCC to commit an additional $2.5 billion across Africa in just the next three years, supporting everything from agriculture to transportation to access to renewable energy.
In fact, the MCC just announced dec- — decis- — excuse me — just announced discussions for partnerships with four African countries, our first com- — four compacts: Gambia, Togo to boost economic development; and a compact with Senegal to bolster regional connections; and a threshold program with Mauritania to help strengthen democratic governance and pursue policy reform to unlock economic growth. (Applause.)
These MCC investments are part of the work we’re doing worldwide through the Partnership for Global Infrastructure and Investment.
I proposed this initiative together with the rest of the G7 to help fill the need for quality, high-standard infrastructure in Africa and in low-income and middle-income countries around the world. And at the G7 meeting earlier this year, we announced our intention to collectively mobilize $600 billion in the next five years.
Today’s announcements joint — join a portfolio of Partnership for Global Infrastructure and Investment projects already underway in Africa, including mobilizing $8 billion in public and private finance to help South Africa replace coal-fired power plants with renewable energy sources and develop cutting-edge energy solutions like clean hydrogen; a deal worth $2 billion to build solar energy projects in Angola; $600 million in high-speed telecommunications cable that will connect Southeast Asia to Europe via Egypt and the Horn of Africa and help bring high-speed Internet connectivity to countries all along the way.
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Biden: US ‘all in’ on Africa, $350B Africa digital economy, $2B solar in Angola, $8B replace coal