In the Dealing Room of the US-Africa Business Forum, the White House’s Prosper Africa initiative has announced an ambitious multi-billion dollar investment package to boost African exports and infrastructure and mobilize private investment to accelerate African innovation.
Prosper Africa is the US government initiative to increase two-way trade and investment between African nations and the United States.
The announcement was made in the Dealing Room of the Business Forum, which was held on the second day of the US Africa Leaders Summit, which brought together African heads of state and investors, business leaders and government officials from US and Africa to promote trade and investment partnerships. that create jobs and promote inclusive and sustainable growth on both sides of the Atlantic.
Prosper Africa COO Leslie Marbury said: “Africa offers some of the greatest growth opportunities for shared prosperity in African nations and the United States. We are committed to investing in Africa’s transformative growth and untapped market opportunities.”
Prosper Africa announced a package of commitments to boost African exports to the United States by $1 billion over the next five years, including:
•New partnerships that will connect thousands of US buyers and African suppliers to expand supply chain operations on the continent, increase access to trade preferences under the African Growth and Opportunity Act (AGOA) and advance the implementation of the African Continental Free Trade Area (AfCFTA).
•An e-commerce and digital commerce alliance with leading US companies to fuel Africa’s technological revolution. Recognizing the tremendous growth potential of Africa’s tech sector, Prosper Africa Tech for Trade Alliance will accelerate e-commerce and digital commerce in Africa and address legal, regulatory and logistics bottlenecks.
He also announced new partnerships to mobilize an investment goal of $1 billion in private capital to advance African infrastructure and innovation, including:
•A $25 million partnership with TradeMark East Africa and the United States Agency for International Development (USAID) to establish Trade Catalyst Africa, an investment facility that is expected to leverage at least $90 million of private financing for African infrastructure with potential to expand on the continent. broad.
•New partnerships with the Institutional Investor Network and global advisory firm MiDA Advisors that will channel large-scale investments in African infrastructure and build lasting relationships between the trillion-dollar US pension community and their African counterparts.
•Investments in five pioneering partnerships to grow the African asset management space and drive investments of over $200 million in African small businesses. The combination of these five partnerships, focused on addressing global challenges such as climate change, food security and women’s empowerment, will benefit hundreds of thousands of people and generate millions of dollars in revenue for companies.
Since 2019, the US government has helped close 1,100 deals in 49 African countries for an estimated total value of $65 billion.
