The US Agency for International Development (USAID) through the Prosper Africa initiative is partnering the United Bank for Africa (UBA) to increase two-way trade and investment between the United States and the nations of Africa.
This partnership ensures businesses are equipped with the technical and financial tools they need to enter into new trading and investment relationships in Africa and the United States.
A statement issued in Accra said the USAID would provide technical assistance and advisory services to prospective businesses through its Trade and Investment Hubs.
It is also to connect UBA with African Diaspora business groups working across the United States.
It said the MoU would enable UBA, the only sub-Saharan African bank licensed to operate in the United States, to expand access its reach and extend financing to American companies in the United States looking to do business with African nations.
The statement said recognizing tremendous growth opportunities, USAID and UBA were collaborating to advance Prosper Africa’s goal of substantially increasing two-way trade between Africa and the United States.
It said working together, they would extend financing and technical assistance to businesses that would strengthen the American economy, grow African economies, and create jobs on both sides of the Atlantic.
The two institutions entered into this agreement as part of the opening ceremony of the Tunisia Prosper Africa Conference, co-organized by the US Embassy in Tunis and the American Chamber of Commerce of Tunisia.