WASHINGTON - US President Barack Obama announced on Friday a plan with $3 billion in private sector pledges for food security and agriculture production in Africa, and urged other members of the wealthy nations club to do their part, as G8 leaders are gathering at Camp David for a two-day summit.

Obama said the G8 nations have moral, economic and security imperatives to lead the fight against hunger and malnutrition in Africa despite those large economies are facing urgent challenges including "creating jobs, addressing the situation in the eurozone, sustaining the global economic recovery."

The new global initiative, titled New Alliance for Food Security and Nutrition, aims at mobilizing more private investments and taking innovations to enhance agricultural productivity.

Obama said 45 companies, including major international corporations and African companies, have pledged to invest $3 billion to help boost agriculture and food production in Africa, which has kicked off the new plan.

"Some have asked in a time of austerity, whether this new alliance is just a way for governments to shift the burden on to somebody else," Obama said of the private sector commitments. "I want to be clear, the answer is no."

The G8 summit is due to be held at Camp David in Maryland later Friday and Saturday. Obama has invited a number of African leaders who will join leaders at the G8 summit at Camp David for a session on food security in Africa.

The leaders being invited include Chairman of the African Union and President of Benin Yayi Boni, Ethiopian Prime Minister Meles Zenawi, Ghanaian President John Mills and Tanzanian President Jakaya Kikwete, the White House said in a statement.

The White House said the private sector pledges, along with commitments from donor countries to work with African nations on food security programs, could raise 50 million people out of poverty over the next 10 years.

Obama championed a food security initiative at the 2009 G8 summit that resulted in 22 billion US dollars in government- backed pledges, the pledge period of which ends later this year.

"No empty promises," Obama urged the donor nations to keep their commitment.

Millions of people, especially those in Ethiopia, Kenya and Somalia, have suffered from the worst drought in 60 years, which struck the Horn of Africa in 2011.