The U.S Agency for International Development (USAID) through its Prosper Africa initiative partners with the United Bank for Africa to equip with the necessary technical and financial tools to embark on new trading and investment relationships in Africa and the United States.
The agreement was entered into as part of the opening ceremony of the Tunisia Prosper Africa Conference, co-organized by the U.S. Embassy in Tunisia and the American Chamber of Commerce of Tunisia.
According to the deal, as part of increasing two-way trade and investment between the U.S and African nations, USAID will provide technical assistance and advisory services to prospective businesses through its Trade and Investment Hubs.
It will also connect UBA with African Diaspora business groups working across the United States, asides enabling the banking group, the only one in sub-Saharan Africa licensed to operate in the U.S, to expand access its reach and extend financing to American companies in the United States looking to do business with African nations.
Recognizing the tremendous growth opportunities, USAID and UBA are collaborating to advance Prosper Africa’s goal of substantially increasing two-way trade between Africa and the US.
By working together, according to a joint statement by both organizations, they will extend financing and technical assistance to businesses that will strengthen the American economy, grow African economies, and create jobs on both sides of the Atlantic.
The event facilitated U.S. and African business-to-business connections and featured remarks by key representatives from the U.S. Government and the U.S. and African private sector.