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On Wednesday, Dec. 4, President Joe Biden announced $600 million in new funding to support the Lobito Trans-Africa Corridor’s rail infrastructure. The Lobito Trans-Africa Corridor is a series of railway networks connecting the Central African Copperbelt to the Angolan port of Lobito. Known as the Benguela Railway , the rail line is essential for transporting goods to global markets. According to the White House, the investment will support key sectors in the region, including agriculture, clean energy, transportation and logistics, supply chains, as well as health and digital access. “The United States understands how we invest in Africa is just as important as how much we invest in Africa,” Biden said, as Bloomberg reported . “To help Africa lead the way. We need more capital and more infrastructure to deal with these real solutions. That’s why we’re here today.” The U.S. has invested $2.9 billion in Angola’s energy, infrastructure, and telecommunications sectors. Earlier this...
President Biden’s student loan forgiveness plan is back in the news — mostly because of how confusing it all seems to be. When AfroTech originally reported on the President’s plan, there was some intimation that it may favor higher-income parties. “Despite the $125,000 income cap, research shows the White House plan still slightly favors higher-income Americans: Analysis of a $10,000 blanket relief program published Tuesday by the Penn Wharton Budget Model found 69.79% of overall debt forgiveness would go to the top 60% of Americans by income, while individuals who make between $82,400 and $141,096—placing them between the 60th and 80th percentile—would receive the greatest share of overall forgiveness, at 28.1%, though the additional relief for Pell grant recipients should bring further benefit to lower-income borrowers,” read our report, according to a Forbes article about the matter. But, the reality of the student loan forgiveness plan is a lot more complicated than originally...
About one month ago, financial experts predicted that President Joe Biden would sign a cryptocurrency executive order. The goal, according to Yahoo Finance, was to pave the way for the regulation and the adoption of the popular decentralized form of payment. On March 9, 2022, Biden’s cryptocurrency executive order was finally signed, sealed, and delivered to the American people. According to Treasury Secretary Janet Yellen, the effort will “promote a fairer, more inclusive, and more efficient financial system,” per the Associated Press. In the same breath, Secretary Yellen says that she hopes the measure will counter any illicit use of the popular coins — and illicit use, she says, is tantamount to the country’s financial instability and a threat to national security. The Biden administration also says that the exploding popularity of cryptocurrency has inspired the President to pass the order. All of that is really nice political window-dressing, to be sure. But what does it all...
For recent Delaware State University (DSU) graduates, student debt will be less of a burden. According to the university , they will cancel up to $730,655 in student debt for recent graduates that have faced financial hardship during the COVID-19 pandemic. The historically Black university has used its stimulus funds from President Biden’s American Rescue plan to help its students by canceling their debt. Forbes reports that The Education Department updated guidance in March to allow institutions to use the money for different needs which includes canceling some student debt. “Too many graduates across the country will leave their schools burdened by debt, making it difficult for them to rent an apartment, cover moving costs, or otherwise prepare for their new careers or graduate school,” said Antonio Boyle, a vice president for the university. He also notes that 87 percent of DSU graduates either enter the career of their choice or enroll in graduate school within six months of...
Science, and facts, have returned to the White House — and not a moment too soon. Award-winning researcher Dr. Alondra Nelson was appointed one of the key members of President Biden’s science team, according to the Institute for Advanced Study. Dr. Nelson joins other luminaries like Narda Jones and Dr. Frances H. Arnold on the seven-person team. “Science, at its core, is a social phenomenon. It’s a reflection of people, our relationships, and our institutions. There is an incredible window of opportunity ahead of us to approach our science and technology policy in ways that are accountable, inclusive, and trustworthy,” Dr. Nelson said in a statement. “I am honored to be entrusted with this important role in public service at this critical time in this nation’s history.” As part of the Office of Science and Technology Policy (OSTP) — as Biden’s “science team” is officially called — Dr. Nelson will be tasked with the responsibility of delivering “accurate, relevant, and timely...