Gaborone, Botwana – The highly anticipated USAfricaBiz Summit 2023 kicked off yesterday in Botswana, marking the beginning of the largest and most influential conference focused on business and investment in Africa. The summit was officially inaugurated by Dr. Mokgweetsi E.K Masisi, the President of the Republic of Botswana, who emphasized its historic significance.
Today marks the start of the historic, #USAfricaBizSummit2023 right here in Botswana. This summit is renowned as the largest and most influential conference on doing business and investing in Africa. #AdvancingTogether #PushaBW #TransformBW #BuildingRelations #GoMasisi 🇧🇼 pic.twitter.com/ju44AAlJnp
— Dr. Mokgweetsi E.K Masisi (@OfficialMasisi) July 12, 2023During the opening ceremony, Judd Devermont, the Special Assistant to the President and Senior Director for African Affairs, stressed the importance of including Africans in the discussions on global challenges. He highlighted the need for African nations to have a seat at the table when addressing pressing issues.
One of the notable sessions at the USAfricaBiz Summit was led by Joy Basu from the U.S. State Department. The session titled “Next Steps Towards Stronger African Health Care Capacity, Prevention, Detection, and Treatment” focused on advancing healthcare in Africa. Basu was joined by Edwin Dikoloti, Botswana’s Minister of Health.
Enoh T. Ebong, the Director of the U.S. Trade and Development Agency, expressed pride in the agency’s work in driving Africa’s digital transformation. He commended the U.S. Trade and Development Agency’s role as an implementing agency for the President of the United States in this sector.
The summit also saw Kurtis Lockhart, Executive Director of the Charter Cities Institute, participating in a panel discussion on increasing Africa’s participation in global mineral value chains. Lockhart emphasized the importance of leveraging Africa’s mineral resources for economic growth and development.
Scott Nathan, CEO of the U.S. International Development Finance Corporation, highlighted the robust commitment of the U.S. government to its partners in Africa. He emphasized the significant representation of high-level officials in the U.S. delegation at the summit, underlining the commitment to fostering strong relationships with African countries.
Building on the momentum generated during the U.S.-Africa Leaders Summit held in December 2022, the Biden-Harris Administration announced the successful closure of 75 new trade and investment deals between the United States and African countries. These deals, with an estimated total value of $5.7 billion, aim to drive economic growth and prosperity on both continents.
Since 2021, the U.S. Government has successfully concluded over 900 deals across 47 African countries, totaling an estimated value of $22 billion in two-way trade and investment.
The U.S.-Africa Business Summit, hosted by the Corporate Council on Africa and the Government of Botswana, showcased significant progress in trade and investment relations between the United States and Africa. A key contributing factor to this success is the Partnership for Global Infrastructure and Investment (PGII), the flagship infrastructure program of the Biden-Harris Administration.
The PGII has played a vital role in advancing and scaling public and private investments across Africa, with a focus on sustainable energy, healthcare infrastructure, digital connectivity, food security/agribusiness, finance, and overall infrastructure development.
Today, CCI's ED @kurtislockhart spoke on a panel at the #USAfricaBizSummit in Botswana, focusing on increasing Africa's participation in global mineral value chains. pic.twitter.com/LyOsMs7ykY
— The Charter Cities Institute (@CCIdotCity) July 12, 2023During the summit, officials announced that the Biden-Harris Administration had made substantial progress in delivering on commitments made by business and government leaders. These commitments, totaling $15 billion, were complemented by an additional $8 billion in private sector commitments and $1 billion in U.S. Government commitments announced during Vice President Kamala Harris’s visit to Ghana, Tanzania, and Zambia in March 2023.
Achievements highlighted at the summit included the authorization of approximately $1.6 billion in transactions by the Export-Import Bank of the United States (EXIM), primarily supporting renewable energy projects in Africa. The U.S. Trade and Development Agency (USTDA) funded eight feasibility studies, facilitating the implementation of over $1 billion in digital connectivity, clean energy, and healthcare infrastructure projects.
The U.S. International Development Finance Corporation (DFC) committed nearly $110 million in financing to projects across Africa, building on its existing commitments of $2.4 billion since the beginning of the Biden-Harris Administration.
Other initiatives, such as the Digital Transformation with Africa (DTA) Initiative through the African Digital Policy Council, are investing $800 million to support Africa’s digital future and ensure broad participation in the global digital economy. Prosper Africa launched the Africa Tech for Trade Alliance in partnership with the U.S. Agency for International Development (USAID), securing $274 million in long-term financing for affordable housing projects in West Africa.
Participant aux travaux du US-Africa Business Summet à Gaborone (Botswana), le Président @mohamedbazoum s'est entretenu le mercredi 12 juillet 2023 avec la délégation américaine à ce forum, conduite par Dr Scott Nathan, Président du Conseil d'administration de United States… pic.twitter.com/BeHRgfDcPm
— Présidence du Niger (@PresidenceNiger) July 12, 2023In collaboration with nine African funds, the initiative established Buyer-Supplier Partnerships and rolled out a Catalytic Investment Facility. The Millennium Challenge Corporation (MCC) and USAID, along with Prosper Africa, closed a significant deal with Moroccan financial institution Tamwilcom, enabling small businesses to invest up to $200 million in climate-friendly projects.
Power Africa’s Health Electrification and Telecommunications Alliance (HETA) is investing $47 million to provide reliable, renewable power and mobile network access to at least 10,000 health facilities in sub-Saharan Africa. The U.S.-Africa Clean-Tech Energy Network (CTEN) has welcomed 24 U.S. clean-tech companies, supporting the clean-tech ecosystem and improving energy access through power generation and enhanced electricity connections.
The U.S. Small Business Administration (SBA) played a crucial role by approving over $9 million in export loans, enabling U.S. small businesses to engage in trade with Africa. These loans have contributed to nearly $20 million in U.S. small business goods and services sales to customers in North and Sub-Saharan Africa.
Administration officials affirmed that the achievements showcased at the U.S.-Africa Business Summit demonstrate the Biden-Harris Administration’s commitment to strengthening economic ties between the United States and Africa.
