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Prosper Africa and the African Export-Import Bank (Afreximbank) have signed a Memorandum of Understanding (MoU) to increase trade and investment between the United States and Africa.
The partnership focuses on unlocking economic opportunities in sectors such as creative industries, critical minerals, emerging technologies, and textile manufacturing, leveraging the expertise and resources of both organizations.
According to a statement released in Lusaka on Friday, the MoU outlines key areas of collaboration aimed at enhancing market access and facilitating investment across both regions.
These included providing capital access, offering technical and transaction advisory support for creative industries, supporting the development of small and medium enterprises (SMEs) in sectors such as agribusiness and textiles, and promoting the Creative Africa Nexus.
The organizations also aim to advance shared objectives, including scaling trade under the African Growth and Opportunity Act (AGOA), fostering job creation, improving access to capital, and encouraging cultural exchange between the U.S. and Africa.
British A. Robinson, Prosper Africa Coordinator, emphasized the importance of strong partnerships for achieving sustainable economic growth.
“Achieving sustainable economic growth and positively impacting lives requires strong partnerships,” Robinson said.
“This collaboration with Afreximbank is a significant step toward strengthening economic ties between the U.S. and Africa, and the African Diaspora. Both organizations are committed to creating opportunities that will drive growth and promote shared prosperity across the continents,” he said.
Kanayo Awani, Executive Vice President of Intra-Africa Trade and Export Development at Afreximbank, echoed Robinson’s remarks, noting that the partnership would open new opportunities for sustainable economic development.
“Our collaboration with Prosper Africa marks an important milestone in reinforcing economic links between the U.S. and Africa,” Awani said.
“Together, we will create new opportunities for trade and investment that will benefit businesses, foster innovation, and support SMEs across the continent,” she added.
The MoU also includes organizing joint events and initiatives to advance U.S.-Africa trade relations.
An Implementation Team would be established to oversee the MoU’s terms and monitor progress toward achieving the partnership’s goals.
This partnership comes as both the U.S. and African nations focus on Africa’s growth potential and aim to strengthen trade ties for mutual economic prosperity.
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