Wednesday, February 1, 2023
- Advertisment -
HomeNewsBusinessDuring US-Africa Summit, many business agreements made

During US-Africa Summit, many business agreements made

The U.S.-Africa Leaders Summit last week saw the announcement of nearly 15 new commercial partnerships between American and African companies in industries like mining, healthcare, and basketball.

“I think this is a paradigm of what we ought to be doing more,” Raimondo continued. It is significant.

U.S. Secretary of Commerce Gina Raimondo spoke with media about one of the summit’s largest agreements, an investment by American company Kobold Metals that will “commit over $150 million to Zambia’s mining sector.”

According to Josh Goldman, the president and founder of Kobold Metals, when the company searched the globe for the best investment opportunities, Zambia was at the top of the list because it is “safe and peaceful, where we can hire exceptional people, where the laws support investing for the long term, where we can operate in ways that protect the environment and support local communities, and where government supports our investment with actions that are fair, transparent, and fast.”

At the signing, Zambia’s President Hakainde Hichilema noted that this new alliance goes beyond his nation and that “This investment is in copper and cobalt, which are important commodities to transition us from carbon-driven fuels to green fuels.” What we are referring about are electric vehicles.

Goldman stated that his company will collaborate with Zambia’s public/private mining company ZCCMIH and the international mining investment firm EMR Capital.

According to Hichilema, “This is not about Zambia, this investment today is not about Kobold and ZCCM, it’s not about Zambia, it’s about all of these and the rest of the world as we grapple with issues related to climate change, as we grapple with replacing climate-damaging fuels with green fuels, and as a result electric vehicles, very, very important to us.”

Cobalt is a component of lithium-ion batteries, which are used in smartphones, tablets, laptops, and electric vehicles.

Another agreement was signed between the U.S. EXIM Bank and the African Export-Import Bank, or Afreximbank. Benedict Okey Oramah, president and chairman of the latter, told VOA that by signing a memorandum of agreement, the two organisations went from talking about doing something to really doing it. “It is a Memorandum of Understanding for Collaboration with a Special Focus on Diaspora Engagement to Support Trade and Investment between Africa and the U.S.” stated Oramah. “We’ve got a $500 million envelope tied to that MOU,” someone said.

Oramah continued, “We also use this fund to help the essential sectors that Africa requires, such as the healthcare sector, initiatives aimed at adapting to the changing climate, and, when necessary, various parts of transportation, infrastructure, and power. At the conference, the National Basketball Association also made an announcement about its forays into Africa.

Victor Williams, the CEO of the league in Africa, told VOA he was thrilled to participate in the discussion since sports is a field in which Africa has exceptional skill. In addition to being glad to see basketball rise in popularity across the continent, he added, “We are also interested in sport as a driver in economic growth and development as well as for sport to be a vehicle of social effect.”

The league currently has offices in Senegal and South Africa, and it has plans to open up shop elsewhere. Williams revealed to VOA that they had launched an office in Lagos, Nigeria, earlier that year and had just announced plans to create an office in Cairo, Egypt, in 2023.

Williams continued, “This speaks to our desire to expand our presence across the continent and to use those offices as a launching pad to connect with our African fans. According to him, there are major basketball and business potential in each of those nations.

News Summary:

  • During US-Africa Summit, many business agreements made
  • Check all news and articles from the latest Business news updates.


- Advertisment -