President Biden launched the Digital Transformation with Africa (DTA), a new initiative to expand digital access and literacy across the continent.Yesterday, MCC announced that The Gambia and Togo are eligible to develop their first compacts, Senegal is eligible to develop a concurrent regional compact, and Mauritania is eligible for a threshold program. The agency is currently working in 14 African countries with more than $3 billion in active compact and threshold programs and approximately $2.5 billion in the pipeline. These agreements include over $150 million to support climate adaptation. Since the start of this Administration, MCC also signed agreements with the Governments of The Gambia, Lesotho and Malawi for an additional $675 million. The Millennium Challenge Corporation (MCC) and the Governments of Benin and Niger are signing the first regional compacts totaling $504 million, with additional contributions of $15 million from Benin and Niger, to support regional economic integration, trade, and cross-border collaboration.Once fully implemented, the Agreement Establishing the AfCFTA will create a combined continent-wide market of 1.3 billion people and $3.4 trillion, which would be the fifth-largest economy in the world. Trade Representative (USTR), on behalf of the United States Government, signed a Memorandum of Understanding with the African Continental Free Trade Area (AfCFTA) Secretariat to support institutions to accelerate sustainable economic growth across the continent. Government announced new initiatives and investments to promote two-way trade and investment: Since January 2021, the Biden-Harris Administration has invested and plans to invest more than $1 billion in trade, investment, and economic development in Africa.ĭepartments and Agencies across the U.S. These investments and programs are in support of the umbrella initiatives PGII, Prosper Africa, and Power Africa.Īt today’s U.S.-Africa Business Forum, President Biden announced over $15 billion in two-way trade and investment commitments, deals, and partnerships that advance key priorities, including sustainable energy, health systems, agribusiness, digital connectivity, infrastructure, and finance. goods and services traded with Africa totaled $83.6 billion in 2021. private sector has closed investment deals in Africa valued at $8.6 billion. Government has helped close more than 800 two-way trade and investment deals across 47 African countries for a total estimated value of over $18 billion, and the U.S. Through initiatives such as the Partnership for Global Infrastructure and Investment (PGII) and Prosper Africa, the United States will provide timely, coordinated support that meets the needs of businesses and investors, including micro-, small- and medium-sized enterprises and diaspora- and women-owned businesses, to advance infrastructure priorities and boost two-way trade and investment. Together, business and government leaders will strengthen trade- and investment-enabling environments, including fostering the development and implementation of effective policies and practices across all sectors, and identify and promote new opportunities for Africans and Americans. The United States will support and facilitate mobilizing private capital to fuel economic growth, job creation, and greater U.S. Get Involved Show submenu for “Get Involved””Īfrica’s integration into global markets, demographic boom, and continent-wide spirit of entrepreneurship and innovation present an extraordinary opportunity for the United States to invest in Africa’s future.The White House Show submenu for “The White House””.Office of the United States Trade Representative.Office of Science and Technology Policy.Executive Offices Show submenu for “Executive Offices””.
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