"We want to build genuine partnerships that create jobs and opportunity for all our peoples and that unleash the next era of African growth," Obama said. "That's the kind of partnership America offers."
"There's no reason the nation of Africa can not and should not join the ranks of the world's most prosperous nations in the near term, in the decades ahead," said Biden.
Obama announced the partnerships private businesses will have with Africa as a way to grow their economy.
"Blackstone will invest in African energy products; Coca-Cola will partner with Africa to bring clean water to its communities. GE will help build African infrastructure; Marriott will build more hotels," explained Obama.
He says between the U.S. government and the private sector, there is a total of $33 billion being invested in Africa's future, including $7 billion going towards financing to promote American exports to Africa.
The U.S.-Africa Leaders Summit is set to continue Wednesday.