Angola’s Lourenço tells U.S : shift from aid to investment

“It is time to replace the logic of aid with the logic of ambition and private investment”, Angolan President João Lourenço said in the opening speech of the 17th U.S-Africa Business Summit on Monday.   

He noted that Africa still needs financial capital and know-how from the U.S, but added 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.  

In line with his campaign promise of putting “America First”, President Donald Trump has enacted steep tariff increases across Africa and cut 83% of foreign aid programs under USAID, which provided $6.5 billion in humanitarian assistance in sub-Saharan Africa in 202,4, according to Think Global Health.  

“It is business-not aid-that that drives lasting growth”, said U.S Africa Bureau Chief Troy Fitrell in a video posted on X on June 20th, adding 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 $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 $500 million investment in the railway on the sidelines of the summit, according to Bloomberg.

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 with the aim of expanding commercial partnerships between the U.S and Africa.