(Ecofin Agency) - Afreximbank and Prosper Africa have signed a new agreement to strengthen trade and investment ties between the United States and Africa, focusing on industries critical to economic growth and innovation.

The partnership, announced by Afreximbank on January 17, aims to capitalize on the unique strengths of both organizations. Key sectors targeted include creative industries, strategic minerals, emerging technologies, and textile manufacturing.

.@ProsperAfricaUS and Afreximbank have signed a strategic partnership to unlock trade and investment between the U.S. and Africa, boosting capital access, SME growth, creative industries, #AGOA utilization, and job creation.
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Prosper Africa et Afreximbank annoncent un… pic.twitter.com/c4NRYxftOq

— African Export-Import Bank - Afreximbank (@afreximbank) January 17, 2025

The collaboration will prioritize enhanced access to financing, technical support for innovative projects, and support for small and medium-sized enterprises (SMEs) in areas such as agro-industry and textiles. Efforts will also focus on fostering the creative economy through Afreximbank’s Creative Africa Nexus initiative. A dedicated monitoring team will oversee the progress of these commitments.

Kanayo Awani, Executive Vice President of Afreximbank, emphasized the far-reaching impact of the partnership. “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”.

This initiative aligns with a broader shared vision to expand trade, develop skills, foster cultural exchange, and maximize opportunities under the African Growth and Opportunity Act (AGOA). Prosper Africa, launched in 2018, is at the forefront of strengthening economic ties between the U.S. and Africa. In 2023, the initiative, alongside U.S. agencies, facilitated 547 trade and investment deals across Africa, totaling $14.2 billion, according to U.S. government figures.

Trade between the United States and Africa reached nearly $69 billion in 2023, according to data from the International Trade Center (ITC).