US Agency for International Development private-sector programme Prosper Africa and trade financing company African Export-Import Bank (Afreximbank) have signed a new memorandum of understanding (MoU) to boost trade and investment between the US and Africa in key sectors.

This strategic partnership aims to leverage the strengths of both organisations to mobilise trade opportunities and investment capital, with a focus on creative industries, critical minerals, emerging technologies and textile manufacturing, the organisations said.

Through this partnership, Prosper Africa and Afreximbank seek to advance several shared priority objectives, including scaling trade and use of the African Growth and Opportunity Act (Agoa), creating and upskilling jobs, increasing access to capital, and promoting cultural exchange and collaboration across the US and Africa.

The MoU outlines several key areas of collaboration, including capital access facilitation, technical and transaction advisory support for creative deals, small and medium-sized enterprise (SME) development for agribusiness and textiles, and strategic event collaboration.

An implementation team will be established to ensure satisfactory execution of the terms of the MoU and to review progress periodically, the organisations said.

“Achieving this level of economic growth and impact on people's lives is not a mission that we can do alone as the US government and is why we partner with African institutions like Afreximbank to achieve these goals,” said Prosper Africa coordinator British A Robinson.

“This collaboration marks a significant step towards strengthening economic ties between the US and Africa, along with the Diaspora. Both organisations look forward to working together to drive growth, create jobs and promote shared prosperity across the continent and in the United States,” she said.

“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,” said Afreximbank intra-Africa trade and export development executive VP Kanayo Awani.

“This collaboration will not only enhance market access for African businesses but also foster investments, create jobs, drive innovation within the creative economy, and spur SME growth, among other benefits, for a more prosperous and inclusive future for both regions,” she said.