The African Export-Import Bank (Afreximbank) and Prosper Africa have signed a new Memorandum of Understanding (MoU) to strengthen trade and investment between the United States and Africa.
The strategic partnership focuses on key sectors such as creative industries, critical minerals, emerging technologies and textile manufacturing, according to a statement made available to APA on Friday.
The MoU outlines several areas of collaboration, including facilitating access to capital, providing technical and advisory support on transactions for creative deals and developing SMEs in the agribusiness and textile sectors.
In addition, the partnership will promote “collaboration with strategic events.” The goal is to boost trade and attract investment, while strengthening initiatives such as the African Growth and Opportunity Act (AGOA), thereby creating opportunities for jobs and skills development.
“Achieving this level of economic growth and human impact is not a mission we can accomplish alone as the U.S. government,” said British A. Robinson, coordinator of Prosper Africa, a U.S. presidential national security initiative aimed at strengthening U.S.-Africa economic ties.
“That’s why we are partnering with African institutions like Afreximbank to achieve these goals,” he added.
He said the collaboration marked “an important step in strengthening economic ties between the United States and Africa, including the diaspora.”
He also expressed satisfaction at the prospect of working together to drive growth, create jobs and promote prosperity across the continent.
Afreximbank Executive Vice President Kanayo Awani hailed the partnership as “an important step in strengthening economic ties between the United States and Africa.”
She said the collaboration would “improve market access for African businesses” and “encourage investment, create jobs and foster innovation in the creative economy.” She added that the collaboration aimed to “stimulate the growth of SMEs and open up new opportunities for a more prosperous and inclusive future for both regions.”
In addition, an implementation team will be formed to ensure “the satisfactory execution of the terms of the MoU” and to “periodically review progress made” under this ambitious initiative.
ODL/ac/Sf/fss/gik/APA