USAID, UBA sign MoU to advance two-way trade between USA, Africa

U.S 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 the nations of Africa.

This partnership ensures 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.

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According to a statement by UBA on Thursday, USAID will provide technical assistance and advisory services to prospective businesses through its trade and investment hubs, and will 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 its reach and extend financing to American companies in the United States looking to do business with African nations.

The statement added, “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.