After nearly 22 months in office, Secretary of State Mike Pompeo will make his first trip to sub-Saharan Africa.
Still, African officials are largely willing to look past that and eager for increased U.S. investment, especially as an alternative to Chinese financing, with its excessive amounts of credit, tied to steep interest rates and high risk of forfeiture.
President Donald Trump speaks before a luncheon with US and African leaders at the Palace Hotel during the 72nd United Nations General Assembly, Sept. 20, 2017, in New York."The needs for investment are huge, in particular, in terms of infrastructure investment," Mbaye said, but,"The existing routes the West and the U.S. are using have shown their limitations. The World Bank and Western international organizations provide very little to fill in these gaps. ...
To that end, Trump may host African leaders for a U.S.-Africa investment summit in Washington, co-hosted by South Africa, according to Lana Marks, the U.S. ambassador in Pretoria and a close Trump friend.The administration also requested in its new FY 2021 budget $800 million for the Development Finance Corporation, a newly created government agency that provides financing for private development projects. That's more than double the $299 million Congress gave it in fiscal year 2020.
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