More than 2 700 United States of America and African public and private sector leaders gathered for the 17th US-Africa Business Summit from 22 to 25 June, hosted by the Corporate Council on Africa and the President of Angola. 

The US State Department this week said more than US$2.5 billion in new deals and commitments between US and African partners were announced during the summit, reinforcing the United States’ prioritisation of trade over aid in its approach to Africa and engaging Africans as peers and partners in investment-led growth.

This year’s summit marked a record turnout of 12 African heads of state including President Netumbo Nandi-Ndaitwah. 

The USA delegation, led by ambassador Troy Fitrell, senior bureau official for African Affairs, included the senior-most officials advancing the USA’s commercial engagement across Africa. These officials included Massad Boulos, senior advisor for Africa, Thomas Hardy, acting director, US Trade and Development Agency, Constance Hamilton, assistant US trade representative for Africa, Connor Coleman, head of investments and chief of staff, US International Development Finance Corporation and Tamara Maxwell, senior vice president for small business, Export-Import Bank of the United States. 

The record turnout made clear that both US and African leaders share a strong commitment to significantly expanding trade and investment. According to the US State Department, the US objective at the summit was to secure key deals and commitments for US companies and establish the conditions to boost US exports and investment in Africa. 

At the summit, a US consortium led by Florida-based Amer-Con Corporation signed a strategic partnership agreement with the Angolan Cargo and Logistics Certification Regulatory Agency to construct and operate 22 rain silo terminals along the Lobito Corridor. The project is backed by the US Export-Import Bank and is expected to significantly enhance Angola’s food security and agri-logistics capacity. 

In addition, US technology firm Cybastion and Angola Telecom signed a US$170 million investment deal to expand digital infrastructure and cybersecurity through Cybastion’s “Digital Fast Track” initiative, providing local training and modern infrastructure for Angola’s digital transformation. 

The US International Development Finance Corporation (DFC) head of investments and chief of staff Conor Coleman also attended the summit in Luanda. Coleman highlighted DFC’s dedication to mobilising investments aimed at diversifying supply chains, particularly for critical minerals, energy, and infrastructure, and reaffirmed the importance of the enduring relationship between the United States and Africa.

DFC’s investments in Africa represent an opportunity to proactively make America safer by strengthening supply chains and promoting economic stabilisation across the continent; make America stronger by countering strategic competitors and advancing US policy priorities; and make America more prosperous by involving US companies and securing critical mineral supply chains.