Prosper Africa, a United States (U.S) Government initiative to increase two-way trade and investment between African nations and the United States yesterday announced an ambitious set of investments to boost African exports and infrastructure and mobilise private investment to accelerate African innovation.
Prosper Africa, at the U.S.-Africa Business Forum’s Deal Room, announced a package of commitments to boost African exports to the U.S. by $1 billion in the next five years, including new partnerships that will connect thousands of U.S. buyers and African suppliers to expand supply chain operations on the continent,.
The U.S.-Africa Business Forum’s Deal Room was held on the second day of the U.S. Africa Leaders’ Summit. The summit brought together African heads of state, and U.S. and African investors, business leaders, and government officials to advance trade and investment partnerships that create jobs and drive inclusive and sustainable growth on both sides of the Atlantic.
The Prosper Africa’s package of commitments announced at the Forum’s Deal Room included increasing access to trade preferences under the African Growth and Opportunity Act (AGOA), and advance the implementation of the African Continental Free Trade Area (AfCFTA).
It also included an e-commerce and digital trade alliance with major U.S. companies to fuel Africa’s technological revolution.
Recognizing the tremendous growth potential of Africa’s technology sector, the Prosper Africa Tech for Trade Alliance will accelerate e-commerce and digital trade in Africa and address legal, regulatory, and logistical bottlenecks.
Prosper Africa also announced new partnerships to mobilize an investment target of $1 billion in private capital to advance African infrastructure and innovation, including a $25 million partnership with TradeMark East Africa and the U.S. Agency for International Development (USAID).
The $25 million partnership was for the establishment of Trade Catalyst Africa, an investment facility that is expected to leverage at least $90 million of private financing for African infrastructure with the potential to expand continent-wide.
There were also new partnerships with the Institutional Investor Network and global advisory firm MiDA Advisors that will channel large-scale investments into African infrastructure and build enduring relationships between the trillion dollar U.S. pension community and their African counterparts.
Furthermore, there were investments in five pioneering partnerships to grow the African asset management space and drive investment of over $200 million in African small businesses.
The combination of these five partnerships, with a focus on addressing global challenges like climate change, food security, and women’s empowerment, The Nation learnt, will benefit hundreds of thousands of people and generate millions of dollars in revenue for businesses.
Prosper Africa’s Chief Operating Officer 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.”
Marbury said on behalf of the U.S. Government, Prosper Africa was excited to announce bold 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.
Through Prosper Africa, the U.S. Government partners with businesses and investors to advance deals, promote market opportunities, and strengthen business and investment climates.
Together, they are driving billions of dollars of investment in Africa, building new markets for American products, and creating thousands of jobs for both African and American workers.
Since 2019, the U.S. Government has helped close 1,100 deals across 49 African countries for a total estimated value of $65 billion.