Obama to tout $3B pledge for food security

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WASHINGTON (AP) -- President Barack Obama is set to announce a new $3 billion food security initiative to help alleviate hunger and poverty in Africa.

The money is being put up by 45 private sector companies and seeks to build on food security commitments made by the U.S. and other countries. The White House says the initiative will be aimed at agriculture growth and could raise 50 million people out of poverty over the next 10 years.

Obama will announce the food security alliance during a speech in Washington on Friday morning.

Later Friday, Obama will head to the presidential retreat at Camp David for a meeting of the world's leading industrial nations. The so-called G-8 leaders also will hold a meeting on food security with the heads of four African nations.