U.S.-Africa Business Summit breaks record in Dallas

Multi-million dollar deals were brokered at the Corporate Council on Africa 16th U.S.-Africa Business Summit in Dallas. Export-Import Bank of the United States (EXIM) President and Chair Reta Jo Lewis finalized three historic transactions for projects in Angola alongside President of Angola João Lourenço, Minister of Finance Vera Daves, and U.S. government representatives during the U.S.-Africa Business Summit in Dallas, Texas.

The three transactions all advance the Biden-Harris Administration’s Partnership for Global Infrastructure (PGI) initiative, a collaborative effort by U.S. government agencies to support sustainable, clean, resilient, and inclusive infrastructure projects around the world. The transactions also support EXIM’s mandate to support renewable energy projects.

The first transaction signed and closed was a direct loan for more than $900 million to support the construction of two solar energy power plants in Angola. This project is the largest renewable energy project and largest transaction in sub-Saharan Africa in EXIM’s 90-year history. The transaction, involving Sun Africa (a CCA member), ING Capital, and Omatapalo, will generate over 500 megawatts of renewable power and is estimated to support 1,600 U.S. jobs.

The second transaction was a $363 million loan guarantee to support the export of small business Acrow Bridge Corporation’s prefabricated modular steel bridges and related equipment to construct bridge infrastructure across Angola. The transaction, involving Africa Finance Corporation and Acrow Bridge (who are CCA members) along with Standard Chartered, is expected to support 600 American jobs across 18 states.

Agbeyewa Farms Limited (a subsidiary of Cavista Holdings) also signed a multi-billion-naira Memorandum of Understanding (MOU) with the Ekiti State Government of Nigeria to cultivate cassava on a large scale in the state (with an initial target of 100,000 hectares) through an out-grower program.

The U.S International Development Finance Corporation (DFC) approved a new loan of up to $292 million to the Freetown-based Western Area Power Generation Project to help develop and upgrade the power plant’s infrastructure, promoting reliable access to power throughout Sierra Leone.

Prosper Africa delves deeper into the recently launched “Africa Trade Desk” and highlighted how it works with partners to leverage innovation, technology, and collaboration, transforming U.S.-Africa trade.

The roundtable, “Unlocking Financial Resources to Deliver Better Health Outcomes in Africa,” emphasized the persistent challenges in healthcare financing despite post-pandemic progress. Discussions highlighted the need for innovative financing models to optimize resources and expand patient access to treatments, convening high-level leaders to explore partnership opportunities and sustainable strategies.

The Summit convened over 1500 business and government leaders, including 5 African Heads of Government and over 16 Confirmed Ministerial Delegations. Over 15 U.S. government officials participated, enriching the dialogue and fostering stronger ties between nations.


A Trendy Africa Magazine report

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