USAID, UBA Seal Deal to Boost Africa’s Trade
The United States Agency for International Development (USAID) through the Prosper Africa initiative is partnering with the United Bank for Africa (UBA) to increase two-way trade and investment between the United States and Africa.
The partnership ensures that 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.
According to a statement, the USAID would provide technical assistance and advisory services to prospective businesses through its Trade and Investment Hubs, and would connect UBA with African Diaspora business groups working across the United States.
The MoU enables 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.
“Recognising tremendous growth opportunities, USAID and UBA are collaborating to advance Prosper Africa’s goal of substantially increasing two-way trade between Africa and the United States. “By working together, they will extend financing and technical assistance to businesses that will 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-organised by the US Embassy in Tunis and the American Chamber of Commerce of Tunisia.
“The event facilitated U.S. and African business-to-business connections and featured remarks by key representatives from the US Government and the US and African private sector,” the statement added.