Why is the US government planning to fund a mining fund in Africa?
The Trump administration is planning to finance a US mining fund to boost African economies, as part of its $1.2 trillion US infrastructure spending plan.
Key points:The US wants to establish a mining infrastructure fund that would help boost African growthThe fund would include US mining companies and African companiesInvestment banks are currently helping Africa fund infrastructure projectsThe US already provides financial support for infrastructure projects in Africa, such as airports and roads.
The US is looking to set up a mining company fund to help boost the economies of countries such as Zimbabwe and Mozambique.
But the US already has funding for infrastructure, like roads, airports and railways, but not mining.
“The fund will help spur development of African infrastructure and economic growth,” US Secretary of Commerce Wilbur Ross said in a statement.
“We are working on funding this fund through the US Investment Corporation (USIC), which was created in the Clinton Administration.
The goal is to ensure that African countries have a solid foundation for the long-term development of their infrastructure, and that this investment will ultimately benefit the US.”
Investment bank Goldman Sachs, which is already helping finance infrastructure projects across Africa, is assisting with the fund.
The mining company proposal comes as the Trump administration continues to push the United States to be more aggressive in helping African countries get infrastructure projects off the ground.
Earlier this month, US Secretary Ross told the Senate Appropriations Committee that the US is investing $1 trillion to help Africa “become a powerhouse”.
The mining fund would be created through a separate fund that focuses on infrastructure projects.
“I am very pleased to have the opportunity to support infrastructure projects around the world,” Mr Ross said.
“Our nation’s economy is booming.
And that’s where the mining funds come in.””
But we can do even more.
And that’s where the mining funds come in.”
In November, the Trump Administration unveiled a plan to fund US infrastructure projects, including airports, roads, railways, schools and other infrastructure.
“This infrastructure investment will help lift millions out of poverty and create millions more jobs,” the Trump plan said.
The proposed mining fund will be based in the US, with the money to be used to help countries get projects off of the ground, like the US Embassy in Zambia, the US Marine Corps base in Zambias capital Port Elizabeth and the US Navy shipyard in Zanzibar.
A mining company could also help boost Zimbabwe’s economy, as Zimbabwe’s mining sector is currently booming.
The mining sector employs around 1 million people, making it the second largest employer in the country behind the textile industry.
However, mining has a negative impact on other African countries, as it is often mined for mineral or other minerals and then turned into metals.