,Prosper Africa is a U.S. Government initiative to increase trade and investment between Africa and the United States. Africa plays a fundamental role in the global economy as it is home to some of the fastest growing economies in the world and a young, growing, and rapidly urbanizing population.
With support from Prosper Africa, Global Mamas, based in Ghana, projects its sales of African women’s handmade products to soon surpass pre-pandemic levels. (Courtesy of Global Mamas)
Having the world’s deepest capital markets, the United States has countless opportunities for African businesses. With a commitment to “job creation, transparency, and social responsibility,” Prosper Africa is showing how “increased economic engagement between the United States and Africa creates jobs, fuels economic growth, and advances shared prosperity.”
Prosper Africa brings together tools, services and resources from across the U.S. Government to provide businesses and investors with market insights, deal support and financing. Since 2019 Prosper Africa has seen impressive results supporting 500 deals between the United States and Africa, an estimated $47 billion in new exports and investments and supporting the close of deals in 44 countries. As President Biden said to participants earlier this year, “[w]e must all work together to advance our shared vision of a better future – a future of growing trade and investment that advances prosperity for all our nations.”
What They Offer
They help U.S. and African companies close deals: Prosper Africa Deal Teams in Washington, D.C. and at U.S. embassies across Africa are available to help you advance new business opportunities.
Their toolkit provides comprehensive trade and investment support: Prosper Africa offers an enhanced set of services and resources to help execute deals and implement business environment reforms.
Prosper Africa makes it easier than ever to access U.S. Government support: We are a one-stop shop – so you don’t have to navigate Washington to do business between the United States and Africa
The global demand for shea butter is booming and set to exceed $3.5 billion by 2028. The beauty industry is a large driver behind this growth. Eugenia Akuete is the founder of Naaskale International, a bulk shea butter distributor. She named her company after her daughter who launched Eu’Genia Shea and its Target-based sister brand Mother’s Shea. Their enterprise touches on the full shea butter supply chain.
With Prosper Africa’s support, Mother’s Shea is now exporting to over 1,000 Target stores across the United States.
In support of Prosper Africa, the U.S. Agency for International Development (USAID) and the U.S. International Development Finance Corporation (DFC) have teamed up to support lending to small and medium-sized enterprises across West Africa, growing local economies to create jobs and promote stability.
With a $14.75 million loan guaranty from DFC and first-loss capital from USAID, the Cordaid Foundation’s impact investment management firm will support lending to small and medium-sized enterprises in Burkina Faso, Guinea, Mali, and Sierra Leone. Cordaid expects to lend at least $37 million to 50 small and medium-sized enterprises and eight microfinance institutions by 2025, supporting at least 2,1000 new jobs and 8,000 micro-entrepreneurs.
The global palm industry employs 6 million people and is estimated to be worth $60 billion. However, many smallholder farmers struggle to penetrate the global market and build partnerships with large retailers. Barriers to entry include the cost of expertise required for organic certification, a lack of capital investments for process upgrades, and the historic challenge of justifying a more expensive oil product that cannot be traced directly to farmers.
USAID’s ,West Africa Trade & Investment Hub has awarded a $1.1 million co-investment grant to 8 Degrees North, a Ghanaian palm oil processing company. This grant will help smallholder farmers in West Africa access the growing market for organic palm oil in the United States.
Prosper Africa is making a profound impact on the continent and they can help you by providing business matchmaking, financing opportunities and light touch advisory support. If you are a U.S. investor or an African business seeking investment, you can gain access to curated deal opportunities across the African continent by entering their virtual ,deal room.
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