TradeBoost Zambia, a ground-breaking new $30 million trade and investment program that will enhance the US government’s Prosper Africa and Feed the Future agendas, was launched by Administrator Samantha Power. One of the initial initiatives under USAID’s new continent-wide Africa Trade and Investment program, the Agency’s flagship initiative in support of Prosper Africa, is TradeBoost. Increased market knowledge, more investment in Zambian companies, and targeted trade facilitation support will all be provided through TradeBoost to help Zambian companies expand into regional and global markets. TradeBoost encourages growth that is driven locally, with all funding and subcontracts flowing to regional partners. The program will concentrate on companies run by women and young people who make investments in production that is climate-smart.
As part of this new trade and investment program, Administrator Power announced two private sector partnerships that will enhance Zambia’s ability to grow food for people across Africa.
First, the Administrator announced deals with two Zambian companies – Zdenakie and NewGrowCo – to export 17,500 metric tons of maize and soybeans from Zambia valued at $8.5 million. These companies expect to move at least 1,300 metric tons of grain to East Africa in a matter of days. To accelerate these exports, USAID is structuring a revolving credit facility that will give Zambia grain traders the finance they need to rapidly buy, aggregate, and export grain. The facility is projected to support the export of an additional 30,000 metric tons of needed grain across Africa going forward.
Second, through a $200,000 grant, USAID unlocked a $4.5 million investment in Zambia’s macadamia sector. Macadamia nuts are a high-value export, bringing in additional investment and further strengthening Zambia’s role as an agricultural exporter. South African investment firm Foxfin Financial Services will purchase a 165-hectare farm from Golden Dawn Zambia, develop an irrigation system, install solar energy, and plant 45,000 macadamia nut trees. This deal will support sustainable, climate-smart agriculture and create nearly 100 jobs, the majority of which will be held by women.
Through the Prosper Africa initiative, USAID is leveraging private sector partnerships to ensure all people have the opportunity to create a better life for their children, their families, and their communities. USAID is committed to strengthening trade and investment ties between African nations and the United States – creating jobs, advancing solutions to pressing global challenges and spurring private investment at a scale that could never be matched by foreign aid alone.
With more than $1 billion per year in funding, Feed the Future is leveraging existing technical expertise, programs, and partners in more than 35 countries to mitigate the impacts of this latest global shock. In these countries, the U.S. government takes a coordinated approach to its investments and in turn, paves the way for further resources and investment from other actors, such as the private sector, donors, and local governments.
