USTDA partners with Africa Investment Forum to support infrastructure solutions for sub-Saharan Africa
The U.S. Trade and Development Agency (USTDA) launched a Memorandum of Understanding (MoU) with the African Development Bank’s Africa Investment Forum (AIF) to support high-quality infrastructure solutions for sub-Saharan Africa. This partnership advances the whole-of-government Prosper Africa initiative to increase two-way trade and investment between the United States and African nations.
''This MoU represents a strong foundation of collaboration and partnership between USTDA and AIF. Together, we will advance sustainable infrastructure projects that support Africa’s long-term growth,'' said Ambassador Vinai Thummalapally (ret.), USTDA’s Acting Director. ''USTDA’s project preparation expertise is a perfect complement to AIF’s expertise in mobilizing investors, raising capital, and providing innovative financing solutions to secure and accelerate investments across Africa.''
The MoU outlined areas of cooperation on transactions in vital sectors such as clean energy, transportation, information and communications technology, healthcare infrastructure, and agribusiness. The MoU will also leverage USTDA’s partnerships with U.S. industry to facilitate the deployment of U.S. solutions to Africa’s infrastructure challenges.
''The Africa Investment Forum exists to close deals with the potential to drive the development of the continent. For us, USTDA is an ideal institutional partner,'' said Chinelo Anohu, Senior Director of the Africa Investment Forum. ''The signing of this MoU is an important moment, but what matters in the end is results, specifically the deals that can be brokered and financed through this partnership.''
This MoU advances the Biden-Harris Administration’s Build Back Better World partnership in Africa, as well as USTDA’s Global Partnership for Climate-Smart Infrastructure, which connects U.S. industry to major clean transportation and energy infrastructure projects in emerging markets.
Since 1992, USTDA has funded more than 600 infrastructure development activities across sub-Saharan Africa.