Indeed, Prosper Africa is the US government’s initiative to increase two-way trade and investment between African nations and the United States.
The announcement was made in the trading room of the Business Forum – which took place on the second day of the US-Africa Leaders Summit – which brought together African heads of state, investors, business leaders and U.S. and African government officials to advance trade and investment partnerships that create jobs and drive inclusive and sustainable growth on both sides of the Atlantic.
In the Deal Room, hosted by Prosper Africa, U.S. and African companies and investors unveiled new and expanded commitments for the first time in a five-hour live show.
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 transformative growth in Africa and untapped market opportunities.”
“On behalf of the U.S. government, Prosper Africa is excited to announce ambitious commitments that reflect the Africa of today – home to the world’s largest free trade area, growing economies and an increasingly young, urban and digitally connected population.”
Prosper Africa announced a set of commitments to boost African exports to the United States by $1 billion over the next five years, including:
- 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 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 tech 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.
ProsperAfrica also announced new partnerships aimed at mobilizing $1 billion in private capital to develop infrastructure and innovation in Africa:
- A $25 million partnership 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 leverage at least $90 million in 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 grow Africa’s asset management industry and generate over $200 million in investment in African small businesses. The combination of these five partnerships, focused 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.
Since 2019, the U.S. government has helped close 1,100 deals across 49 African countries with an estimated total value of $65 billion. For more information, please visit www.prosperafrica.gov and access the Prosper Africa Engagement Fact Sheet.