The United States has yet to sign a reciprocal trade agreement with an African country, with the exception of Morocco. Instead, US trade with the African continent, specifically 39 Sub-Saharan African countries, is promoted through the 2000 African Growth Opportunities Act (AGOA). Simultaneously, US companies can also find trade and investment opportunities through 2018 trade and investment initiative known as Prosper Africa. Here are five things that you need to know about Prosper Africa.
- Prosper Africa is a US government initiative announced National Security Advisor John Bolton on December 13, 2018.
- The initiative relies on the resources of 15 US government agencies to assist U.S. companies with the technical support to connect with buyers, suppliers, and investment opportunities throughout Africa.
- A total of US$50 million has been used to fund Prosper Africa.
- The initiative is led by the US Department of Commerce and the US Agency for International Development (USAID).
- Prosper Africa is also designed to improve the business environment throughout the region.
We will continue to watch the results from this program under the current administration. GRIIT’s contacts continue looking for established companies to participate in specific projects (e.g. solar energy and housing development) throughout the region. Contact us to learn about existing project opportunities on the African continent.
Would you like to see a GRIIT webinar focused on how to take advantage of business opportunities in Sub-Saharan Africa in 2020?