USAID and Prosper Africa Advance Build Back Better World Agenda, Creating Jobs in African Nations and the United States
On Wednesday, November 17, 2021, U.S. Government officials visited Red River Foods—an American company based in Richmond, Virginia—to discuss the company’s recent $47 million investment in West Africa. With $3 million in dedicated Prosper Africa funding from the U.S. Agency for International Development (USAID), Red River Foods is investing an additional $44 million to expand cashew processing facilities in West Africa for export to the United States. Thanks to USAID’s work in this area, West Africa is expected to become one of the largest exporters of cashews to the United States by 2024.
This is a critical, climate-smart investment that responds to shifts in global supply chains arising from the COVID-19 pandemic. Previously, this American business shipped raw cashews from West Africa to Southeast Asia for processing before exporting them to the United States. This deal will support the livelihoods of about 11,000 West African farmers, create an estimated 500 jobs, and generate about $30 million in exports in just three years.
The Red River Foods co-investment is one of the numerous investments that USAID has supported through its West Africa Trade & Investment Hub, which has established a co-investment fund to attract $400 million of new private investment, creating 60,000 jobs, and increase regional and international trade. Through co-investment partnerships, USAID is driving investment in West Africa, moving away from an extractive export model to one that adds greater value and fosters inclusive growth for African and American economies.
Investments like this one advance the U.S. Government’s Prosper Africa Build Together Campaign, a targeted, long-term effort to energize and elevate the United States’ commitment to trade and investment with Africa. Through Prosper Africa, the U.S. Government is strengthening ties with its African partners through win-win investments that create jobs and build infrastructure across both Africa and the United States. By supporting American businesses with socially inclusive business models that benefit women, youth, and low-income communities, Prosper Africa is advancing the Biden-Harris Administration’s vision of a better future—a future of growing trade and investment that advances prosperity for all our nations by mobilizing capital, driving job creation, and fueling shared economic growth.
Prosper Africa is the U.S. Government initiative to substantially increase two-way trade and investment between African nations and the United States. The initiative mobilizes all of the U.S. Government’s trade and investment support services, across 17 participating departments and agencies, to help U.S. and Africa businesses and investors identify partners, advance opportunities, and close deals.
About USAID: The United States Agency for International Development (USAID) is the lead U.S.Government agency that works to end extreme global poverty and enable resilient, democratic societies to realize their potential.
About the Trade Hub: The West Africa Trade & Investment Hub (Trade Hub) is a USAID-funded initiative that catalyzes economic growth through co-investing with the private sector to generate new investment, create new jobs, and increase the value of regional and international exports in West Africa.
(Disclaimer: The above press release comes to you under an arrangement with Insider PR. Agrigate Global takes no editorial responsibility for the same.)