Angolan President Lourenço Calls for Replacing AID with Investments

(3 Minutes Read)

• The emphasis on ‘mutual benefit’ in President João Lourenço’s opening speech reflects a growing awareness among African delegations at this year’s summit that the U.S interest in Africa is diminishing, particularly when it comes to humanitarian aid.   

Lourenço said in the opening speech at the 17th U.S.-Africa Business Summit that it was time to replace aid with private investment, while underscoring that Africa still needs financial capital and know-how from the U.S. He further said that these investments would be an arrangement of “mutual benefit” with the U.S

The emphasis on ‘mutual benefit’ in President João Lourenço’s opening speech reflects a growing awareness among African delegations at this year’s summit that the U.S interest in Africa is diminishing, particularly when it comes to humanitarian aid.

As a result, any new investment deals emerging from this year’s summit are likely to support U.S strategic interests in sectors such as critical minerals, agri-food, and energy.

Importantly, it is in line with the US stand, which clearly stated that it was business and not aid that drives lasting growth.  The  U.S Africa Bureau Chief Troy Fitrell, in a video posted on X on June 20th, said that  he was going to the U.S.-Africa summit to advance deals that benefit people across Africa and here in the United States.

Fitrell leads the U.S delegation in Luanda, where he will also visit the Lobito Corridor railway, supported by Donald Trump. The US$4 billion infrastructure project is expected to strengthen the supply chain of critical minerals from Central Africa to the U.S.  The U.S International Development Finance Corp and Angolan government officials are negotiating a new US$500 million investment in the railway on the sidelines of the summit.

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The U.S.-Africa Business Summit brings together more than 1,500 delegates, including African heads of state, businesses, and U.S. senior officials in the Angolan capital of Luanda, to expand commercial partnerships between the U.S. and Africa.