Obama pledges $7B to boost US-Africa trade

President Barack ObamaBarack Hussein ObamaReport: FCC chair to push for complete repeal of net neutrality Right way and wrong way Keystone XL pipeline clears major hurdle despite recent leak MORE on Tuesday pledged $7 billion in U.S. investments at the U.S.-Africa Business Forum.

The president said the new financing would promote American exports as part of “The Doing Business in Africa Campaign,” launched by the administration.

"I want to up our game," Obama said. "Today we're raising the bar."

The pledge comes after U.S. businesses announced new commitments totaling $33 billion that the administration says will support economic growth in Africa and support American jobs.

“It’s not just for aid, but for trade and development that actually helps nations grow and empowers Africans for the long-term,” Obama said.

“We don’t look for Africa simply for its natural resources,” he continued. “We look to Africa for its greatest resources – its people, its talent and its potential.”

The business forum is co-hosted by the U.S. Commerce Department and Bloomberg Philanthropies, and part of a three day summit in Washington aimed at promoting growth between Africa and America.

Business leaders see the summit as a key opportunity for expanding U.S. trade ties with Africa.