Obama’s $3 billion boost for Africa

The private sector commitments Obama was announcing Friday build on that
effort, administration officials said. The goal is to achieve sustained
agriculture growth and raise 50 million people out of poverty over the next
10 years.

“It’s not about replacing aid,” said Mike Froman, a top Obama
adviser for international economics. “It’s about combining aid with
private capital.”

Obama is also expected to call on countries to fulfill the financial food
security pledges they made in 2009. The pledge period for L’Aquila Food
Security Initiative ends later this year, and some humanitarian groups say
much of the promised money has not been dispersed.

The G-8 will release an accountability report this weekend detailing how much
of the $22 billion is still on the sidelines. Administration officials say
the U.S. is on track to fulfill its $3.5 billion pledge.

On Saturday, Obama and the other G-8 leaders will be joined at Camp David by
the heads of four African countries – Ghana, Ethiopia, Tanzania and Benin –
for a session on food security.

While administration officials say Obama will urge wealthy nations to maintain
their commitment to alleviating hunger in Africa, the U.S. and other G-8
countries were not expected to announce any new financial pledges of their
own.

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