Prosper Africa and the African Export-Import Bank (Afreximbank) have signed a new Memorandum of Understanding (MoU) to boost trade and investment between the United States and Africa in key sectors.
This strategic partnership aims to leverage the strengths of both organisations to mobilise trade opportunities and investment capital, with a focus on creative industries, critical minerals, emerging technologies and textile manufacturing.
The MoU outlines several key areas of collaboration, including capital access facilitation, technical and transaction advisory support for creative deals, SME development for agribusiness and textiles, Creative Africa Nexus, and strategic event collaboration.
Through this partnership, the two organisations are seeking to advance several shared priority objectives, including scaling trade and utilisation of the African Growth and Opportunity Act (Agoa), creating and upskilling jobs, increasing access to capital, and promoting cultural exchange and collaboration across the US and Africa.
“Achieving this level of economic growth and impact on people’s lives is not a mission that we can do alone as the US government, which is why we partner with African institutions like Afreximbank to achieve these goals,” said British A. Robinson, Prosper Africa Coordinator.
“This collaboration marks a significant step towards strengthening economic ties between the United States and Africa, along with the Diaspora, and both organisations look forward to working together to drive growth, create jobs and promote shared prosperity across the continent and in the United States.”
Kanayo Awani of Afreximbank believes the partnership signifies a significant milestone in strengthening economic ties between the US and Africa. “By leveraging our combined strengths and expertise, we will unlock new opportunities for trade, investment, and sustainable economic growth across the continent.”
An Implementation Team will be established to ensure satisfactory execution of the terms of the MoU and to review progress periodically.
Prosper Africa is a US Presidential-level national security initiative aimed at fostering stronger economic ties between the United States and Africa.
