Prosper Africa is the US government’s initiative to increase two-way trade and investment between African nations and the United States.
This announcement was made in the trading room of the Business Forum, which took place on the second day of the African American Leaders Summit bringing together African heads of state, investors, business leaders and government officials from the United States and Africa to advance trade and investment partnerships that create jobs and drive inclusive and sustainable growth in both sides of the Atlantic.
Prosper Africa announced a set of commitments to boost African exports to the United States $1 billion over the next five yearsnotably :
– New partnerships to connect thousands of U.S. buyers and African suppliers to expand supply chain business on the continent, increase access to Growth Act trade benefits and Economic Opportunities in Africa (AGOA) and to advance the implementation of the African Continental Free Trade Area (AfCFTA).
– An e-commerce and digital alliance with major US companies to fuel Africa’s technology revolution. Recognizing the enormous growth potential of Africa’s tech sector, the Prosper Africa Tech for Trade alliance will accelerate e-commerce and digital trade in Africa and tackle legal, regulatory and logistical bottlenecks.
Prosper Africa also announced new partnerships aimed at mobilizing a billion dollars private capital to develop infrastructure and innovation in Africa:
– A partnership of 25 million dollars with TradeMark East Africa and the United States Agency for International Development (USAID) to create Trade Catalyst Africa, an investment facility that is expected to mobilize at least 90 million dollars private financing for African infrastructure, with potential for continent-wide expansion.
– New partnerships with the institutional investor network and global advisory firm MiDA Advisors, which will help channel large-scale investments in African infrastructure and build lasting relationships between the US pension fund community, which weighs billions of dollars, and their African counterparts.
– Investments in five pioneering partnerships to develop the asset management industry in Africa and generate investments of more than $200 million in African small businesses.
The combination of these five partnershipsfocused on solving global issues 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 businesses, concludes a statement from Prosper Africa .
