“It is time to replace the logic of aid with the logic of ambition and private investment”, Lourenço said in the opening speech of the 17th U.S-Africa Business Summit.   

He noted that Africa still needs financial capital and know-how from the U.S, but added that these investments would be an arrangement of “mutual benefit” with the U.S  

The emphasis on ‘mutual benefit’ in President João Lourenço’s opening speech reflects a growing awareness among African delegations at this year’s summit that the U.S interest in Africa is diminishing, particularly when it comes to humanitarian aid.   

As a result, any new investment deals emerging from this year’s summit are likely to support U.S strategic interests in sectors such as critical minerals, agri-food and energy.  

In line with his campaign promise of putting “America First”, President Donald Trump has enacted steep tariff increases across Africa and cut 83% of foreign aid programs under USAID, which provided $6.5 billion in humanitarian assistance in sub-Saharan Africa in 202,4, according to Think Global Health.  

“It is business-not aid-that that drives lasting growth”, said U.S Africa Bureau Chief Troy Fitrell in a video posted on X on June 20th, adding that he was going to the U.S.-Africa summit to ”advance deals that benefit people across Africa and here in the United States”.  

Fitrell leads the U.S delegation in Luanda, where he will also visit the Lobito Corridor railway, supported by Donald Trump. The $4 billion infrastructure project is expected to strengthen the supply chain of critical minerals from Central Africa to the U.S.  

The U.S International Development Finance Corp and Angolan government officials are negotiating a new $500 million investment in the railway on the sidelines of the summit, according to Bloomberg.

The U.S-Africa Business Summit brings together more than 1,500 delegates, including African heads of state, businesses and U.S senior officials in the Angolan capital of Luanda with the aim of expanding commercial partnerships between the U.S and Africa. 

The World Bank granted South Africa a $1.5 billion loan to upgrade transportation infrastructure and help it transition toward a low-carbon economy, the country’s National Treasury said Monday.

Deteriorating rail systems, congested ports, and frequent power outages have hindered vital industries such as mining and automotive manufacturing in South Africa, contributing to slow economic growth over the last decade in Africa’s most developed economy.

South African President Cyril Ramaphosa and his coalition government have pledged to tackle corruption and decades of poor management, as well as pursue reforms to help the country emerge from its economic rut and alleviate its extremely high unemployment rate.

While it did not give specifics, the South African government said it expects the World Bank loan will enable inclusive economic growth and job creation by assisting in the removal of important infrastructure bottlenecks, especially in the energy and freight transportation sectors.

“This agreement reinforces the strong and constructive collaboration between the World Bank and the government of South Africa,” said the National Treasury. “This partnership marks a significant step toward addressing South Africa’s pressing economic challenges of low growth and high unemployment.”

Additionally, because the financing has better conditions than conventional borrowing, such as a three-year grace period, it should reduce escalating debt-service expenses, it added.

South Africa’s 2025-26 budget has allocated over R1 trillion over the next three years toward critical transportation, energy, water and sanitation infrastructure while improving access to basic services.

However, real gross domestic product was revised downward to 1.4% in 2025 from 1.9% previously projected by the Finance Ministry in March because of the worsening global outlook and the persistence of logistics constraints and higher borrowing costs.

Finance Minister Enoch Godongwana said government debt is projected to stabilise at 77.4% of GDP in 2025/26.

Earlier this year, the dismantling of USAID by the Trump administration cut around $436 million in annual funding to South Africa for HIV treatment and prevention, putting the program and thousands of health care jobs on the line.

Godongwana said the country doesn’t have the funds to cover the more than $430 million shortfall caused by the Trump administration’s cuts in foreign aid, which have threatened the vast network of support for one of the world’s largest HIV-positive populations.

US President Donald Trump on Tuesday said a ceasefire between Israel and Iran, announced hours earlier, was now in place, ending the 12-day war.

In a post on his Truth social media, he urged both countries not to violate it.

The announcement came after Iran launched waves of missiles at Israel, which it described  as its last round, killing four people in the southern city of Beersheba.

It is unclear how many people were killed or injured in Iran overnight.

When Trump announced the ceasefire, he appeared to suggest the two countries would have time to complete missions that were underway before it began in a staged process.

“On the assumption that everything works as it should, which it will,” Trump wrote, “I would like to congratulate both countries on having the stamina, courage, and intelligence to end what should be called ‘THE 12 DAY WAR.'”

Calling the agreement a breakthrough, Trump ended his announcement with a sweeping message of unity: “God bless Israel, God bless Iran, God bless the Middle East, God bless the United States of America, and GOD BLESS THE WORLD!”

While the mutual strikes continued into the early hours of the morning, both Iran and Israel have now agreed to the ceasefire.