Angolan President João Lourenço has called for a new model of U.S.–Africa engagement based on private investment and mutual benefit, urging a departure from the traditional aid-centered approach. Speaking at the opening of the 17th U.S.-Africa Business Summit in Luanda on June 24, Lourenço stated, “It is time to replace the logic of aid with the logic of ambition and private investment.” He acknowledged that Africa continues to need U.S. capital and technical expertise but stressed that future economic cooperation should be structured as a win-win partnership. His remarks echo a growing sentiment among African leaders that American interest in the continent—particularly in humanitarian support—is waning.
This year’s summit is being held against a backdrop of significant policy shifts. Since returning to office, U.S. President Donald Trump has implemented aggressive tariff hikes and slashed funding to development programs in Africa, including an 83% cut to USAID support. According to Think Global Health, U.S. humanitarian aid to sub-Saharan Africa dropped to $6.5 billion in 2024. “It is business—not aid—that drives lasting growth,” said U.S. Africa Bureau Chief Troy Fitrell in a video posted on June 20, ahead of his participation in the summit. He leads the American delegation in Angola, where he also visited the Lobito Corridor railway, a $4 billion U.S.-backed infrastructure project aimed at improving mineral transport from Central Africa to global markets.
Fitrell confirmed that the U.S. International Development Finance Corporation and Angolan officials are currently negotiating an additional $500 million investment in the railway to reinforce strategic supply chains in critical minerals—resources central to global technology and defense industries. Over 1,500 delegates are attending the summit, including heads of state, business executives, and senior U.S. officials. Key sectors under discussion include agri-food, energy, and mining, particularly amid increasing U.S. interest in securing alternative sources of rare earth and battery metals.
The summit underscores a strategic pivot: African leaders are asserting greater control over their development narrative, and the U.S. is reshaping its engagement in Africa around long-term, commercially driven goals.
