Investment will commence as soon as Biden administration concludes the ongoing review of Trump administration trade measures as well as making clear policies on investments pertaining to liquefied natural gas (LNG).
In 2018, Trump administration pioneered Prosper Africa initiative to boost business relationship with Africa. Biden administration is going through old files and picking things up and one of them is the Prosper Africa initiative.
According to the senior director for Africa at the White House National Security Council, Dana Banks, expanding business ties with Africa points back to the Prosper Africa initiative “as the centerpiece of US economic and commercial engagement with Africa” with the inclusion of a companion initiative called Digital Africa.
Biden administration is taking an inclusive approach placing focus on women and equity including expanding the role for SMEs. In May, the president requested for about $80m to set things in motion.
The US government plans to provide more information by next month.
By Elijah Christopher