Prosper Africa and Afreximbank sign MoU to enhance U.S.-Africa trade, focusing on creative industries, critical minerals, and textiles.
In a significant move to strengthen economic ties between the United States and Africa, Prosper Africa and the African Export-Import Bank (Afreximbank) have signed a Memorandum of Understanding (MoU) aimed at boosting trade and investment across key sectors.
This partnership seeks to leverage the unique strengths of both organizations to mobilize trade opportunities and investment capital, with a particular focus on creative industries, critical minerals, emerging technologies, and textile manufacturing. 
The MoU outlines several areas of collaboration, including facilitating access to capital, providing technical and transaction advisory support for creative deals, and supporting small and medium-sized enterprises (SMEs) in agribusiness and textiles. Additionally, the partnership will promote the Creative Africa Nexus and engage in strategic event collaborations.
Through these initiatives, Prosper Africa and Afreximbank aim to advance shared objectives such as scaling trade under the African Growth and Opportunity Act (AGOA), creating and upskilling jobs, increasing access to capital, and fostering cultural exchange between the U.S. and Africa.
British A. Robinson, Coordinator of Prosper Africa, emphasized the importance of collaboration in achieving economic growth, stating, “Achieving this level of economic growth and impact on people’s lives is not a mission that we can do alone as the U.S. Government and is why we partner with African institutions like Afreximbank to achieve these goals.” Kanayo Awani, Executive Vice President of Intra-Africa Trade and Export Development at Afreximbank, echoed this sentiment, noting that the partnership “will unlock new opportunities for trade, investment, and sustainable economic growth across the continent.”
This collaboration builds upon previous efforts to enhance U.S.-Africa trade relations. Notably, in December 2022, Afreximbank signed a $500 million MoU with the Export-Import Bank of the United States (EXIM) to support the export of U.S. goods and services to African markets. This agreement aimed to facilitate exports in sectors including power generation, renewable energy, agriculture, aviation, and water and sanitation.
The renewed partnership between Prosper Africa and Afreximbank signifies a concerted effort to deepen economic engagement and foster mutual prosperity. By focusing on critical sectors and supporting SMEs, this initiative is poised to create jobs, drive innovation, and promote sustainable development across the African continent.
As both organizations work together to implement the outlined strategies, the collaboration is expected to serve as a catalyst for increased U.S.-Africa trade and investment, benefiting businesses and communities on both sides of the Atlantic.
