Prosper Africa and 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 unique strengths of both organizations to mobilize 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, Prosper Africa and Afreximbank seek to advance several shared priority objectives, including scaling trade and utilization of the African Growth and Opportunity Act (AGOA), creating and upskilling jobs, increasing access to capital, and promoting cultural exchange and collaboration across the U.S. 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 U.S. Government and 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 organizations look forward to working together to drive growth, create jobs, and promote shared prosperity across the continent and in the United States.”
Kanayo Awani, Executive Vice President Intra-Africa Trade and Export Development at Afreximbank commented, “Our partnership with Prosper Africa signifies a significant milestone in strengthening economic ties between the United States and Africa. By leveraging our combined strengths and expertise, we will unlock new opportunities for trade, investment, and sustainable economic growth across the continent.” She added, “This collaboration will not only enhance market access for African businesses but also foster investments, create jobs, drive innovation within the creative economy, spur SME growth, among other benefits for a more prosperous and inclusive future for both regions.”
An Implementation Team will be established to ensure satisfactory execution of the terms of the MOU and to review progress periodically.
About Prosper Africa
Prosper Africa is a U.S. Presidential-level national security initiative aimed at fostering stronger economic ties between the United States and Africa. By leveraging resources from 17 U.S. government agencies, Prosper Africa empowers businesses and investors with market insights, deal support, and financing opportunities, driving two-way trade and investment between the U.S. and African markets. For more information, visit www.prosperafrica.gov.
About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa.
A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA.
Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and contingencies stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion.
Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
