Increased competition from Europe and China, as well as the rapid growth of some African countries spurred an announcement Tuesday of a $14 billion commitment from the U.S.

The Associated Press reported the announcement, which took place during a day-long business forum during the U.S.-African summit in Washington, D.C.

Six of the world's fastest growing economies are in Africa, which have also seen a growing middle class with increased spending power. Europe and China are large investors in the country, with China surpassing the U.S. in 2009 as the largest investor.

Former President Bill Clinton was also at the forum and said the U.S. has "only barely scratched the surface" of Africa's economic potential, according to the AP.

"We also realize we have some catching up to do," Michael Bloomberg, former New York City mayor and a billionaire businessman told AP. "We are letting Europe and China go faster than the U.S."

Some of the commitments include $2 billion by GE by 2018, $200 million by Marriott and $66 million by IBM.

Some of the other businesses in attendance included Chevron, Coca-Cola and Mastercard.

But its not just Americans who see the potential in increased investing in Africa.

One African native announced a plan to maximize on natural resources available on the continent and provide a better lifestyle.

Multi-platinum recording artist Akon announced his new program Akon Lighting Africa, on Monday.

"I was one of those kids you see running around with no shoes on living in straw huts," Akon told National Journal. "I was blessed to be able to come to the U.S. with my dad and I've seen a better life, but it really hurts a lot knowing that Africa has all these resources and we haven't fully taken advantage of it."

Akon's program is one of many ideas at the summit geared towards the development of the continent.

"I get tired of hearing that Africa is a charity case," Akon told the National Journal. "Africa is wide open for business, and we've found a good business model. Africa will never run out of sun."

His goal is to provide power to a million households by the end of the year using solar energy. Currently about 550 million live without power on the continent.

The program is operating n 14 countries including Senegal, Mali, and Burkina Faso, while partnering with Give1Project, a leadership-development nonprofit, and ADS Global Corporation SA.

The last day of the three-day summit is Wednesday and has been attended by more than 50 African leaders as well as U.S. business leaders to discuss and promote economic and diplomatic ties.