Is U.S. investment in Africa coming too late to counter China and Russia on the continent?
PBS News Hour - Segments
PBS NewsHour
4.1 • 1K Ratings
🗓️ 4 December 2024
⏱️ 8 minutes
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| 0:00.0 | President Biden returns today from the first U.S. presidential trip to the continent of Africa in more than a decade. |
| 0:08.0 | Mr. Biden visited Angola to further U.S. investments on the continent, but the Americans are playing a game of catch-up with the Chinese, |
| 0:15.3 | who've spent decades and billions investing, extracting, and some say exploiting developing countries. |
| 0:24.5 | In Angola this week, a new U.S. commitment to Africa's future, as President Biden promised |
| 0:30.5 | $600 million in funding for a multinational railway project linking Zambia, the Democratic Republic |
| 0:37.4 | of the Congo, and Angola, |
| 0:39.5 | all part of the Trans-Africa Lobito Corridor Railway, a key hub for mineral exports. |
| 0:45.2 | The United States is all in on Africa. The future of the world is here in Africa, in Angola. |
| 0:54.1 | Yet that $600 million U.S. investment is small potatoes compared to China, which invested |
| 1:01.0 | $21.7 billion in the continent in 2023 alone. |
| 1:06.0 | This railway will not only speed up the economic development of two of the world's most |
| 1:12.2 | underdeveloped countries, but also change local people's lives. |
| 1:17.9 | Over the last 20 years, China has become sub-Saharan Africa's largest bilateral trading |
| 1:22.9 | partner, accounting for 20 percent of the region's exports. |
| 1:26.7 | The main commodities exported are heavy metals, minerals, and fuel. |
| 1:31.1 | In exchange, China has provided billions in infrastructure investments in the region. |
| 1:36.1 | In almost 24 years, China has invested over $182 billion in loans to 53 African nations. |
| 1:45.7 | China's Belt and Road Initiative launched in 2013, a trillion-plus dollar global infrastructure |
| 1:51.1 | investment project, has sent over $91 billion into Africa, building transportation, |
| 1:57.4 | energy, and mining infrastructure. |
| 1:59.9 | And at the Forum on China-Africa cooperation in Beijing in September, President Xi Jinping |
| 2:05.0 | promised an additional $51 billion to be invested in the continent. |
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