The United States’ Prosper Africa initiative has announced plans to invest US$170-million – and increase US investment by US$2-billion - to boost African exports and infrastructure and mobilise private investment to accelerate African innovation.

Prosper Africa is a US initiative to increase two-way trade and investment between African nations and the United States.

Prosper Africa released a statement detailing “a package of commitments” to boost African exports to the United States by US$1-billion in the next five years, including:

• New partnerships that will connect thousands of US 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 US companies to fuel Africa’s technological revolution. “Recognising 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.”

The initiative also announced new partnerships to mobilise a further US$1-billion investment in private capital to advance African infrastructure and innovation, including:

• A US$25-million partnership with TradeMark East Africa and the US Agency for International Development (USAID) to establish Trade Catalyst Africa, an investment facility that is expected to leverage at least US$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 US pension community and their African counterparts.

• Investments in five pioneering partnerships to grow the African asset management space and drive investment of over US$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."

Prosper Africa’s COO 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 US 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.”