As part of the "Prosper Africa" initiative, USAID will launch in early 2021, a new trade and investment partnership program between Africa and the United States. Worth $ 500 million, it is expected to create thousands of jobs by 2026.
United States Agency for International Development (USAID) Acting Deputy Administrator John Barsa on Tuesday, November 17, 2020, announced the launch of a new trade and investment program in the United States. Africa-wide, as part of the “Prosper Africa” initiative.
Valued at up to $ 500 million over five years, depending on the availability of funds, “this flagship program will provide new and expanded support services to dramatically increase bilateral trade and investment between Africa and Africa. the United States, ”says USAID.
The program will provide coordinated services in line with private sector needs “through a continent-wide approach, with satellite offices supporting North and Sub-Saharan Africa.” It will also complement other tools available to the US government for trade and investment with personalized services, ranging from business advice and transaction facilitation to targeted policy interventions.
“For every dollar of public funds, Prosper Africa should raise more than 9 dollars in private investment; which will provide billions of dollars in exports and investment and create hundreds of thousands of African and American jobs by 2026, “the US agency said.
The launch of this new program will take place early in 2021. It is expected to advance the goals of “Prosper Africa” by increasing trade, stimulating investment and supporting favorable conditions for business.
For John Barsa, “This is not just a new program. It is also a new way of doing business that will dramatically increase US investment in Africa’s growth by leveraging private sector resources and innovation. ”
The Trump administration’s “Prosper Africa” initiative to replace the African Growth and Opportunity Act (AGOA) aims to significantly increase bilateral trade and investment between Africa and the United States.
It mobilizes all U.S. government trade and investment support services across all 17 federal departments and agencies involved, to help U.S. and African businesses and investors identify partners, advance opportunities and close deals.
Source Ecofin Agency