Nearly 15 new commitments between US-Africa companies were announced during last week’s US-Africa Leaders Summit, in fields ranging from mining to healthcare to basketball.
Gina Raimondo, US Secretary of Commerce, spoke to reporters about one of the biggest deals made at the summit, an investment by US-based Kobold Metals, which will be “a commitment of more of $150 million dollars in the mining sector of Zambia”.
Raimondo added: “I think this is a model of what we need to do more of. It’s very important.”
Why Zambia? Kobold Metals Chairman and Founder Josh Goldman said that when the company searched the world for the best places to invest, Zambia came out on top, as a “safe and peaceful place where we can hire exceptional people, where the law supports investing for the long term, where we can operate in a way that protects the environment and supports local communities and where the government supports our investment with actions that are fair, transparent and prompt.”
Goldman added that his company will work with global mining investment firm EMR Capital and Zambian public/private mining company ZCCMIH.
Zambian President Hakainde Hichilema was present at the signing, saying that this new partnership goes beyond his country and that “this investment is in copper and cobalt, which are critical minerals to move from fuels driven by the carbon to green fuels. Electric vehicles, that’s what we’re talking about.”
Hichilema said, “This is not about Zambia, this investment today is not about Kobold and ZCCM, it is not about Zambia, it is about all of these and the rest of the world as we deal with climate change issues, as we we deal with the substitution of climate change. harmful fuels with green fuels and therefore electric vehicles are very, very important to us.”
Cobalt is an ingredient in lithium-ion batteries used in electric vehicles, tablets, laptops, and smartphones.
Another signing occurred between two financial institutions: US EXIM Bank and African Export-Import Bank known as Afreximbank. The latter’s president and chairman, Benedict Okey Oramah, told VOA that by signing a memorandum of understanding, the two institutions moved from intent to action.
“It is a collaborative MOU to support trade and investment between Africa and the US with a special focus on diaspora engagement.” Oramah said. “We have a $500 million envelope attached to that MOU.”
“We also use this fund to support the critical sectors that Africa needs; the health sector, climate adaptation projects, transportation and infrastructure aspects, and energy as needed,” Oramah added.
The National Basketball Association was also at the summit to announce its adventures in Africa.
Africa League chief executive Victor Williams told VOA he was excited to be a part of the forum because sports is an area where Africa has world-class talent.
He said that while the Africa NBA is happy to grow the game of basketball on the continent, there is more: “We are also interested in sport being an engine of economic growth and development, as well as sport being a social impact vehicle. ”
The league already has offices in South Africa and Senegal and plans to expand to other regions.
Williams told VOA that earlier that year they had opened an office in Lagos, Nigeria, and have just announced that they will open an office in Cairo, Egypt in 2023.
“This speaks to our commitment to growing our footprint on the continent and to using that office as a springboard to get closer to our African fans,” added Williams.
He said each of those countries represents significant business and basketball opportunities.
