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Special Assistant to the US President and Senior Director for Africa at the National Security Council, Dana Banks said President Joe Biden believes Africa’s many vibrant and rapidly growing economies and populations can and should mean a future. radiant for the continent.
She says the United States is ready to partner with African nations as well as its vibrant civil society and young leaders to realize that future.
America’s commitment to realizing Africa’s potential also means working with African countries to tackle threats posed by violent extremism, climate change and undue foreign influence, she said.
During an online press briefing on U.S. trade in Africa, Banks hinted that the United States would work with African leaders to resolve conflicts and humanitarian crises that are claiming lives across the continent.
She said the Biden administration had launched a program called “Prosper Africa Build Together Campaign” which aimed to facilitate mutual trade relations with Africa.
The campaign is a focused effort to elevate and energize the United States’ commitment to trade and investment with countries on the African continent under the Biden-Harris administration.
The goal of the initiative is to dramatically increase two-way trade and investment between the United States and Africa by connecting American and African companies and investors with tangible business opportunities.
The United States plans to achieve these goals by identifying and promoting new opportunities for American and African businesses, investors and workers that increase trade and mobilize private capital to fuel economic growth and job creation. , with a focus on key sectors and the green economy.
For example, the US Development Finance Corporation, or DFC, has committed nearly $ 2 billion in funding for projects in Africa in the first half of fiscal 2021 and aims to close an additional $ 500 million or more of here the end of the exercise.
At the same time, the Millennium Challenge Corporation signed a cooperation agreement with the West African Power Pool and a Memorandum of Understanding with the governments of Burkina Faso and Côte d’Ivoire, which will facilitate opportunities for increased trade and US investments in the energy sector in the West African region. .
The United States will provide targeted support to small and medium enterprises with a focus on the African Diaspora and their businesses and investors across the United States.
Africa Prosperity Initiative
According to Ms Banks, there is a mother-daughter time behind Eu’Genia Shea cosmetics, which is based in Ghana, which has been supported by Prosper Africa in collaboration with USAID and the American Foundation for Africa’s Development. to start their business from scratch, which is now exporting Mother’s Shea Moisturizer to over 1,000 Target stores across the United States, supporting 10,000 shea pickers.
She added that the United States has worked with institutional investors across the state to tap new investment opportunities in Africa.
President Biden’s special assistant said that the Chicago Public School Teachers’ Pension Fund recently invested $ 20 million in an African fund that supports African businesses in health, education, telecommunications, etc.
China Competition
Ms. Banks mentioned that the American way of trade and investment is quite different from that of other countries, and especially China, adding that America does not compete with China on continental trade.
“The reason we are re-imagining or re-imagining Prosper Africa is that we see it as a true partnership based on a commitment to shared prosperity. And this is how the United States does foreign policy; it’s consistent with our goals and our beliefs as Americans, ”said Ms. Banks.
According to her, Africa’s growing integration into global markets, the demographic boom and, of course, the flourishing culture of entrepreneurship provide the United States with a remarkable opportunity to strengthen these economic ties and promote new opportunities. for American and African businesses to stimulate economic growth and jobs. creation and greater involvement of the United States in the future of Africa.
The United States says the Build Back Better World initiative is an initiative that will play more on the type of infrastructure agreements and commitments in terms of health infrastructure and actual physical infrastructure in countries, d ‘digital infrastructure, things that countries need to prosper and grow and make it a more conducive environment for investment.
She admitted that there are some challenges related to the Chinese engagement while indicating that the United States will address them directly if necessary.
Meanwhile, their engagement with Africa is focused on the mutually beneficial relationship and partnership seen with countries on the continent.
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