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US, —Africa trade agreement


Estimated value of $5.7 billion

By Stacy M. Brown | NNPA Newswire Senior National Correspondent

Building on the momentum generated at the U.S.-Africa Leaders Summit held in December 2022, the Biden-Harris Administration announced on July 12 that it had facilitated the closing of 75 new trade and investment deals between the United States and African countries.

According to a White House Fact Sheet, these deals have an estimated total value of $5.7 billion, bolstering economic growth and fostering shared prosperity on both continents. Since 2021, the U.S. Government has successfully closed over 900 deals across 47 African countries, amounting to a total estimated value of $22 billion in two-way trade and investment.

The Corporate Council on Africa and the Government of Botswana hosted the U.S.-Africa Business Summit on Wednesday, July 12, where the announcement occurred. The White House said the event showcased the significant progress in advancing trade and investment relations between the United States and Africa.

During the summit, officials announced that the Biden-Harris Administration had made substantial progress in delivering on the commitments made by business and government leaders. The commitments, totaling $15 billion, have been complemented by an additional $8 billion in private sector commitments and $1 billion in U.S. Government commitments announced during Vice President Kamala Harris’s visit to Ghana, Tanzania, and Zambia in March 2023.

The White House said the loans have contributed to nearly $20 million in U.S. small business goods and services sales to customers in North and Sub-Saharan Africa.