US companies have pledged $14bn (£8.3bn) of investment in Africa in areas such as energy and infrastructure, US President Barack Obama has said.
The announcement came at the first US-Africa Leaders' Summit, attended by over 40 African heads of state.
The summit is an effort to strengthen US ties with Africa as China increases its African investments.
Mr Obama also hosted a dinner for African leaders at the White House.
The deals announced on Tuesday included a $5bn partnership between private-equity firm Blackstone and Aliko Dangote, Africa's richest businessman, for energy infrastructure projects in sub-Saharan Africa, as well as more investments in Mr Obama's Power Africa initiative.
According to the White House, Power Africa received an additional $12bn in pledges towards its effort to develop energy supplies on Africa through a mix of investment and state involvement.
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