Prosper Africa, the United States government initiative to increase two-way trade and investment between it and African nations, has announced plans to invest $170m to boost African exports and U.S. investment.
This was disclosed at the US-Africa Business Forum’s Deal Room. The initiative’s plan includes an arrangement to boost African exports and infrastructure and mobilise private investment to accelerate African innovation.
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. On behalf of the US Government, Prosper Africa is 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.”
According to a statement, Prosper Africa has a package of commitments to boost African exports to the United States by $1bn in the next five years.
The statement read in part, “New partnerships that will connect thousands of U.S. buyers and African suppliers to expand supply chain operations on the continent, increase access to trade preferences under the African Growth and Opportunity Act, and advance the implementation of the African Continental Free Trade Area.
“An e-commerce and digital trade alliance with major US 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.”
The initiative also announced new partnerships to mobilise an investment target of $1bn in private capital to advance infrastructure and innovation on the continent. According to the initiative, the US government has helped close 1,100 deals across 49 African countries for about $65bn since 2019.
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