The Joe Biden-led white house is ramping up its investment in Africa with a new trade and investment deal on the horizon. According to a recent announcement from the White House, the United States and Africa are poised to announce a number of new trade and investment deals. The deals are expected to cover a wide range of sectors, including infrastructure, energy, agriculture, and healthcare.
The announcement comes as the Biden administration is working to deepen ties with Africa and counter China’s growing influence on the continent. The administration has made it a priority to boost trade and investment between the United States and Africa, and the new deals are a sign of that commitment.
Some highlights of the proposed deals include:
- A $1 billion investment in renewable energy projects in Nigeria
- A $500 million investment in infrastructure projects in Kenya
- A $250 million investment in agricultural development in Ghana
- A $100 million investment in healthcare initiatives in South Africa
What you need to Know:
The new deals are expected to generate thousands of jobs and create billions of dollars in economic activity in both the United States and Africa. They are also expected to help strengthen the ties between the two regions and foster a more prosperous and secure future for all.
Other areas of renewed push for greater US-Africa relations includes the following initiative:
- The Prosper Africa initiative, which aims to increase two-way trade and investment between the United States and Africa
- The African Growth and Opportunity Act (AGOA), which provides duty-free access to the U.S. market for certain goods from eligible African countries
- The African Continental Free Trade Area (AfCFTA), which is expected to create the world’s largest free trade zone and boost intra-African trade