American and African firms reached more than $15-billion in new commitments and deals at a summit hosted by President Joe Biden as the US moves to increase its commercial ties with the continent through investments rather than aid.
Presidents from more than 40 African nations are in Washington for the three-day summit, the first of its kind in eight years. The US is trying to deepen its ties with the continent as it competes for influence with rivals China, Africa’s largest trading partner and bilateral creditor, and Russia, which has successfully strengthened relations with the region in recent months as western nations tried to isolate it over its invasion of Ukraine.
Cisco Systems, the biggest maker of machines that run computer networks and the internet, is partnering with, a diaspora-owned small business, for $800-million in new contracts to protect African countries from cyber threats.
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