Morocco will be the new regional hub and North African hub of Prosper Africa, a US government initiative aimed at increasing trade and investment between the United States and Africa.
Under the agreement, signed on Tuesday in front of King Mohammed VI between Morocco and the United States, the American government will open a Prosper Africa office next January at the United States Embassy in Rabat, the very first branch of the initiative in North Africa. The new office in Morocco will draw on the expertise of 17 US government departments and agencies.
The goal is to increase two-way trade and investment between the United States and Morocco and throughout North Africa, thereby helping to support economic development in the region.
The opening of this branch will also facilitate the access of American companies and investors to Moroccan markets and support Moroccan companies to seize new opportunities in the United States.
Through the Prosper Africa initiative, the US government aims to support trade and investment projects worth $ 1 billion between the United States and Morocco, as well as countries in North Africa over the next four years.
These new developments will help advance the objectives of the Prosper Africa Initiative by boosting trade and investment between the United States and Morocco, in addition to other North African countries. Thus, Morocco will serve as a regional center for the new continent-wide trade and investment program Prosper Africa.
With funding potential of up to $ 500 million over five years, this revolutionary new program from the United States Agency for International Development (USAID) will offer a wide range of personalized services ranging from business development and investment facilitation to support the improvement of legal and regulatory frameworks.
For every dollar of public funding, this new USAID program is expected to leverage more than $ 9 in private investment, generating billions of dollars in new exports and investment and creating thousands of new jobs.