During the U.S. – Africa Business Summit, USAID Administrator Samantha Power gave an overview of the U.S.’ relationship with Africa over the last 60 years since the USAID was born and defined new directions moving forward.

Samantha Power recalled the assistance the U.S. is providing for its partner countries in key sectors such as education, healthcare, agriculture, and energy and the significant impact of its support on the lives of many people worldwide. Moving forward, the relationship between the U.S. and Africa mostly based on aid must evolve into a cooperation, with more sustainable impact, fuelled by trade.

The Biden-Harris Administration launched during the Summit the Prosper Africa Build Together Campaign to “elevate our commitment to two-way trade and investment between African nations and the United States,” Samantha Power said.

While acknowledging the role of public investment in developing countries, she claimed that the private sector is the key driver to Africa’s long-term economic growth and prosperity.

“Through Prosper Africa, USAID will directly connect American investors with African businesses ripe for investment by funding delegations and making crucial connections to local actors, leveraging our long-standing relationships on the continent. This work will help American businesses access Africa’s fast-growing markets and create thousands of jobs for both African and American workers.” – Samantha Power explained.

The United States will use U.S. pension funds to increase high-yield return-generating investment in Africa.  Samantha Power quoted Angela Miller-May, chief investment officer of the Chicago Teachers’ Pension Fund: “Before my first delegation... my understanding of Africa was based on what I had seen on TV or read in the news, and I perceived Africa as a place of risk. But all of those perceptions quickly went out the door: I saw that Africa was filled with opportunities. The discussions [I had]...shortened the distance between the U.S. and Africa for me.”

After her trips in Africa, Angela made a $20-million investment in African companies involved in healthcare, education, technology, and other vital sectors of the economy. It is in this selfsame spirit that Prosper Africa, through its Build Together Campaign, will continue to “shorten the distance” between U.S. investors and African businesses.

A new trade and investment strategy – beneficial to both sides – will be implemented in accordance with American values rooted in mutual respect, national sovereignty, democratic governance, and individual dignity. “Less aid, more trade!”

Source: Africa Media Hub