Egypt's stocks close in red on Monday as benchmark EGX 30 dips 0.07%    Egypt's stocks start week higher, benchmark EGX 30 gains 0.48%    Fitch affirms Egypt's long-term foreign currency issuer default rating at B+    The unvaccinated prohibited from entry to Egypt state institutions starting December 1    Russia to lift COVID restrictions on flights to Egypt's Red Sea resorts on Nov. 9    Egypt, Greece ink deal for first subsea power link between Europe and Africa    Egypt hosts regional conference of EU refugee agency EASO    SCOHRE sparks discussion on harm reduction, tobacco control    Egypt to receive first of six high-trains from Spain's Talgo in mid-November    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Over 100 officials resign from Tunisia's main Islamist party    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egyptian court bans use of mosques for political purposes    Brazil calls up 8 EPL players for World Cup qualifying    Refugees in fear as sentiment turns against them in Turkey    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Huawei Technologies has invested $10 mln over 5 years in innovation centres in Egypt    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    US emphasises AU's role in mediating Ethiopian damdispute    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Biden revives Trump's Africa business initiative; focus on energy, health
Published in Ahram Online on 28 - 07 - 2021

The Biden administration on Tuesday announced a new push to expand business ties between U.S. companies and Africa, with a focus on clean energy, health, agribusiness and transportation infrastructure on the continent.
U.S. industry executives welcomed the interest, but said dollar flows will lag until the administration wraps up its lengthy review of Trump administration trade measures and sets a clear policy on investments in liquefied natural gas.
Dana Banks, senior director for Africa at the White House National Security Council, told a conference the administration planned to "re-imagine" and revive Prosper Africa, an initiative launched by former-President Donald Trump in 2018, as the "centerpiece of U.S. economic and commercial engagement with Africa."
Travis Adkins, deputy assistant administrator for Africa at the U.S. Agency for International Development (AID), added: "We're looking at the ways in which we (can) foster two-way trade, looking at mutually beneficial partnerships that work together to mobilize investment, create jobs, and ... shared opportunities on both sides of the Atlantic."
President Joe Biden, who requested nearly $80 million for the initiative in his budget proposal in May, aims to focus it on women and equity, with an expanded role for small- and medium-sized businesses, Banks said.
The administration's goal was to "reinvigorate Prosper Africa as the centerpiece of U.S. economic and commercial engagement with Africa," she said.
"This is an area that is a priority both at home and abroad," Banks told Reuters ahead of the conference, adding that African countries were eager to expand their cooperation with the United States.
U.S. business executives warn the United States is in danger of being overtaken by China and Europe, which are already investing and signing trade agreements across the continent.
"We can't wait another year to devise an Africa policy; we need to be bold in our thinking," said Scott Eisner, president of the U.S. Chamber of Commerce's U.S.-Africa Business Center.
He said many companies had started to eye investments in Kenya given the Trump administration's talks with Nairobi on a bilateral free trade agreement, but that those plans were on ice until the policy review was completed.
The U.S. Trade Representative's office had no immediate comment on the status of the review.
Another hurdle is uncertainty about the administration's policy on LNG projects.
Nigeria and other countries are eager to secure U.S. investment in such plans, but are waiting to see whether the administration will back LNG investments even as it seeks to halve U.S. fossil-fuel emissions.
"We've committed as an institution to have over 50% of our investments focused on activities that combat climate change," said Kyeh Kim, a senior official at Millennium Challenge Corporation, an independent U.S. foreign aid agency, said.


Clic here to read the story from its source.