The United States is hosting a summit for African leaders and corporate executives in Washington. On Tuesday, President Obama pledged some $33 billion in aid and investments, including $14 billion worth of corporate spending.

President Obama: “American companies are announcing major new deals in Africa. Blackstone will invest in African energy projects. Coca-Cola will partner with Africa to bring clean water to its communities. GE will help build African infrastructure. Marriott will build more hotels. All told, American companies, many with our trade assistance, are announcing new deals in clean energy, aviation, banking and construction worth more than $14 billion, spurring development across Africa and selling more goods stamped with that proud label, 'Made in America.'”

The new funding includes $7 billion that would go to promoting and subsidizing U.S. exports and investments.