By Khalifa Hemed
Published August 29, 2022
More than 400 business and government representatives gathered in the Moroccan city of Marrakech have discussed building stronger USA and Africa trade, investment and commercial ties as US Government pledged its strong support.
While Akinwumi Adesina (President of the African Development Bank, AfDB) gave strong assurance to US investors that Africa is a secure, competitive and profitable market for investment, Kamala Harris (USA Vice-President) said in a video message that USA is ‘focused on the urgent need to increase food production and exports with and within Africa’ and that ‘public-private partnerships could play a key role in this regard’.
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“President Biden and I are looking forward to welcoming leaders from across the African continent to Washington, DC from December 13th through the 15th, for the United States-Africa Leaders Summit,” Harris said during the summit that was organised by US Corporate Council on Africa in partnership with Morocco on the theme, ‘Building Forward Together’ and held on July 21, 2022.
Adesina said that despite the disruptions of the Covid-19 pandemic and its impact on economies, the number of private equity deals in Africa increased from 230 in 2019 to 255 by 2020, stressing that even in turbulent times, opportunities still abound in Africa.
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He said AfDB had committed more than US$44 billion to transport, energy, and water and sanitation infrastructure across the continent in the last six years alone but that Africa still faces an annual infrastructure financing gap of US$68 Billion to US$108 Billion.
“We are all here and invested in creating more pathways to prosperity across the African continent. Through Prosper Africa–US Government’s initiative to increase trade and investment and promote sustainable development across the continent–and our collective efforts, we are strengthening partnerships to ensure people on both sides of the Atlantic have the opportunity to create a better life for their children, their families, and their communities, and to realize their full potential,” said Alice Albright of US Millennium Challenge Corporation. “Since launching Prosper Africa two years ago, US Government has supported 800 two-way trade and investment deals in 45 countries in Africa, worth an estimated US$50 billion.“
Adesina invited US businesses to invest in the opportunities created by AfDB Group’s US$1.5 Billion African Emergency Food Production Facility, designed to ease the impact of the current global food crisis, worsened by Russia’s invasion of Ukraine. The facility, the first of its kind, will help countries purchase and distribute agricultural fertilizer and seeds, provide emergency support over four planting seasons, increase food production by 30%, and create US$12 Billion worth of food.”
