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African Leaders Return From US Summit With Huge Deals

African Leaders Return From US Summit With Huge Deals

About 15 new commitments were announced last week between the U.S and African Leaders. These announcements happened during the recently concluded U.S-Africa Leaders Summit in fields stretching from healthcare to basketball.

The US Secretary of Commerce, Gina Raimondo told reporters about one of the biggest deals made. It is an investment into Zambia’s mining sector by the US-based Kobold Metals.

“I think this is a model of what we need to be doing more. It’s a big deal,” Raimondo added.

At the signing, Zambia’s president, Hakainde Hichilema revealed that this deal goes beyond his country.

“This investment is in copper and cobalt, which are critical minerals to gravitating us from carbon-driven fuels to green fuels. Electric vehicles, that’s what we are talking about,” he added.

Cobalt is an ingredient in lithium-ion batteries used in electric vehicles, tablets, laptops and smartphones.

Another big deal happened between US EXIM Bank and African Export-Import Bank known as Afreximbank. By signing a memorandum of understanding, it made the two institutions move from intent to action.

“It’s an MOU for collaboration to support trade and investment between Africa and the U.S. with a special focus on diaspora engagement. We have an envelope of $500 million dollars attached to that MOU,” said Afreximbank president and chairman, Benedict Okey Oramah.

At the summit, USA’s top basketball league, the NBA attended to announce its ventures in Africa. It has offices in both South Africa and in Senegal but it plans to expand to other regions.

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