US pledges more cash to African countries battling Covid-19

U.S. President Joe Biden

Dana Banks, US Special Assistant to the President and Senior Director for Africa at the National Security Council, says the move seeks to elevate trade and investment with countries across the African continent

By The Weekly Vision

U.S. President Joe Biden has kicked off an initiative dubbed Prosper Africa Build designed for economies that are battling the Covid 19 global pandemic. Mr Biden is to inject $80 million to boost trade and investment between the U.S. and Africa in the post-Covid 19 era.

Dana Banks, US Special Assistant to the President and Senior Director for Africa at the National Security Council, says the move seeks to elevate trade and investment with countries across the African continent. This will be through “a two-way trade and investment between the United States and Africa by connecting U.S. and African businesses and investors with tangible deal opportunities. “Banks said America wants to participate in Africa’s growth especially in the light of Covid 19 adverse effects.

“Africa’s increasing integration into the global markets, demographic boom and the thriving culture of entrepreneurship present a remarkable opportunity for us to strengthen those economic ties,” she said.

“However, some critics say the trade and investment plan could undermine the African Continental Free Trade Area, which was established in 2019. That agreement promotes the free movement of goods and people across the continent.

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