At the far end of the U.S.-Africa Leaders Summit in Washington, the official documents indicated that the United States and the African Union, under the leadership of President Joseph R. Biden, Jr., President of Senegal and Chair of the African Union Macky Sall, and African Union Commission Chair Moussa Faki Mahamat, have re-affirmed collective commitment to reinforce longstanding areas of cooperation and expand partnership to better meet the shared challenges – and opportunities – of the dynamic era.
The United States and Africa have further recognized that the world is quickly changing and the summit reflected how the relationship is evolving with it. The leaders have agreed to deepen collaboration towards finding practical solutions to global problems and shape the rules of the road for technology, space, cybersecurity, trade, environmental protection, and economics.
At the summit, new investments and initiatives were announced that will equip American and African institutions and citizens to respond to emerging opportunities and challenges in an increasingly interconnected world.
“We are resolved to enhance our collaboration to promote inclusive growth and sustainable development. We will bring together business and government leaders to advance two-way trade and accelerate investment in quality infrastructure,” the document stated.
“We will leverage our institutions and programs, in addition to strengthening enabling environments, to realize this shared aspiration. This will include expanded engagement and cooperation between the United States and African countries to support the aims of the agreement establishing the African Continental Free Trade Area (AfCFTA),” it further stated.
At the U.S.-Africa Business Forum’s Deal Room, the White House’s Prosper Africa initiative also announced an ambitious set of multimillion-dollar investments to boost African exports and infrastructure and mobilize private investment to accelerate African innovation.
Prosper Africa is the U.S. Government initiative to increase two-way trade and investment between African nations and the United States.
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 U.S. 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.”
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 (AGOA), and advance the implementation of the African Continental Free Trade Area (AfCFTA).
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. And also a package of commitments to boost African exports to the United States by $1 billion dollars in the next five years.
A $25 million partnership with TradeMark East Africa and the U.S. Agency for International Development (USAID) to establish Trade Catalyst Africa, an investment facility that is expected to leverage at least $90 million dollars of private financing for African infrastructure with the potential to expand continent-wide.
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.
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, will benefit hundreds of thousands of people and generate millions of dollars in revenue for businesses.
According to the Prosper Africa Commitment fact sheet, since 2019, the U.S. Government has helped close 1,100 deals across 49 African countries for a total estimated value of $65 billion.
The U.S. Africa Leaders’ Summit – which 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.
