IN a significant move to enhance trade and investment between the United States and Africa, Prosper Africa and the African Export-Import Bank (Afreximbank) have signed a new Memorandum of Understanding (MoU). This strategic collaboration focuses on expanding trade opportunities and mobilising investment across critical sectors, including creative industries, critical minerals, emerging technologies, and textile manufacturing.
Key areas of collaboration
The partnership aims to leverage the unique strengths of both organisations, with a clear focus on facilitating capital access, providing technical and transaction advisory support, and developing small- and medium-sized enterprises (SMEs) in agribusiness and textiles. Notably, the agreement also highlights the promotion of the Creative Africa Nexus, a platform designed to encourage cultural exchange, alongside collaboration on strategic events.
By aligning their efforts, Prosper Africa and Afreximbank aim to achieve shared objectives, including scaling trade, promoting the African Growth and Opportunity Act (AGOA), creating jobs, increasing capital access, and fostering collaboration between the US, Africa, and the Diaspora.
What is Prosper Africa?
Launched in 2018, Prosper Africa is a US government initiative aimed at increasing two-way trade and investment between the United States and Africa. The initiative focuses on fostering sustainable and inclusive economic growth by creating opportunities for American and African businesses. Prosper Africa works to enhance access to financing, build partnerships, and support trade and investment in key sectors, such as energy, infrastructure, and agriculture, among others. By connecting US businesses with African markets and vice versa, Prosper Africa strives to elevate Africa’s role in the global economy.
Strengthening US-Africa economic ties
Prosper Africa Coordinator, British A. Robinson, stressed the importance of this partnership in driving economic growth. ‘Achieving this level of economic growth and impact on people’s lives is not a mission that we can do alone,’ Robinson said. ‘This collaboration marks a significant step towards strengthening economic ties between the United States, Africa, and the Diaspora. Both organisations are committed to driving growth, creating jobs, and promoting shared prosperity.’
Afreximbank’s Executive Vice President for Intra-Africa Trade and Export Development, Kanayo Awani, echoed this sentiment. ‘Our partnership with Prosper Africa signifies a major milestone in strengthening economic ties between the United States and Africa,’ Awani noted. “By leveraging our combined strengths and expertise, we will unlock new opportunities for trade, investment, and sustainable economic growth across the continent.”
Unlocking new opportunities for growth
This partnership is expected to bring a multitude of benefits to both regions, from improving market access for African businesses to spurring innovation in the creative economy and fostering SME growth. Through these collaborative efforts, the organisations aim to create a more prosperous and inclusive future, one where economic opportunities are accessible to all.
An Implementation Team will be established to ensure the smooth execution of the MoU’s terms and to periodically review the progress of the partnership. This strategic collaboration promises to be a game-changer for US-Africa trade relations, setting the stage for a more robust economic future.
