Obama: Africa is a hub for global economic growth

(dalje.com)  – US President Barack Obama on Saturday promoted Africa as a hub for global economic growth during a recent visit to Africa and noted that Africa is on the move. Africa is one of the fastest growing regions in the world; Incomes are up, the middle class growing. That creates incredible opportunities for Africans and the world.

 

He was proud of the incredible progress that has been made and acknowledged that access to capital remained difficult for many African entrepreneurs. Kenyan President Uhuru Kenyatta pointed out that Africa is open and ready for business, has truly embraced the private sector, and are firmly and irreversibly aligned to progress.

 

Kenya, expects 6.5-per-cent economic growth this year but its economy is threatened by terrorism, corruption and electricity shortages. The US government’s Power Africa project, supported by the European Union and World Bank, seeks to inject 7 billion dollars into Sub-Sahara Africa to provide 60 million additional homes and businesses with power.

 

The United States hopes to lure American investors to East Africa with broad-based investments into the business, humanitarian and security sectors. These are also aimed at counterbalancing the rising influence of China, which has launched major infrastructure projects in the region.

 

Progress will bring create revue and create jobs opportunities in Africa for its working age population.

 

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