US companies are planning $14 billion worth of investments in Africa. US President Barack Obama is set to announce the plans during the second day of the US-Africa Leaders Summit.
President Obama is due to announce the investments later Tuesday during the second day of the summit in Washington, D.C., a White House official said.
The $14 billion (10.4 billion euros) investment by US companies will span a range of industries such as construction, clean energy, banking and information technology, the official said.
The news comes one day after the first US-Africa Leaders Summit opened. The forum was established with an aim to boost trade opportunities and forge stronger economic ties between Africa and the US.
Speaking to delegates at the opening of the three-day event, US Secretary of State John Kerry said Africa could be "the marketplace of the future." He said the continent was currently facing an "amazing opportunity." The International Monetary Fund predicts the continent will see growth of 5.8 percent in 2014. It's also home to an expanding middle class and some of the world's fastest-growing economies.
In 2009, China surpassed the US as Africa's biggest trading partner and the US is hoping to do some catching up. While the US remains the largest source of investment on the continent, it has been largely in the oil and gas sector.