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Obama: US Companies To Invest $14B In Africa

WASHINGTON, DC - AUGUST 04:  Burkina Faso President Blaise CampaorŽ (L) and U.S. Secretary of State John Kerry deliver brief remarks to the news media before a bilateral meeting during the U.S.-Africa Leaders Summit at the Department of State August 4, 2014 in Washington, DC. Obama is set to promote business relationships between the United States and African countries while hosting the first-ever leaders summit, where 49 heads of state will be meeting in Washington over the next three days.(Photo by Chip Somodevilla/Getty Images)
Chip Somodevilla, Getty Images

WASHINGTON (AP) — President Barack Obama is announcing $14 billion in commitments by U.S. businesses to invest in the continent of Africa.

Obama plans to make the announcement Tuesday at the U.S.-Africa Business Forum in Washington. The forum is bringing together African heads of state and American business leaders to find ways to boost economic ties. It comes on the second day of a U.S.-Africa summit involving nearly 50 African heads of state.

The White House says the investments include industries like construction, banking, information technology and energy.

Former New York Mayor Michael Bloomberg and Commerce Secretary Penny Pritzker are also participating in the forum, along with companies like Chevron, IBM and Mastercard.

Obama plans to host the heads of state for dinner on the South Lawn of the White House Tuesday evening.

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