Obama's ambitious plan to fuel an African energy boom

The U.S. government is eyeing initiatives ranging from wind power to soccer balls that generate electricity

President Obama
(Image credit: Michelly Rall/Getty Images)

This week, President Obama introduced his administration's "Power Africa" initiative in a speech in Cape Town, South Africa, which calls for $7 billion in U.S. aid and $9 billion in private pledges to bring electricity to more than 20 million households and businesses in sub-Saharan Africa.

Obama claimed that the plan will be a "win-win" for both America and Africa as it's rolled out over the next five years.

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Carmel Lobello is the business editor at TheWeek.com. Previously, she was an editor at DeathandTaxesMag.com.