Michael Foundethakis, Baker McKenzie’s Global Head of Project and Trade & Export Finance, and Africa Steering Committee Chair, explains that the scheme is seen as a way for the EU to build influence around the world, and is considered by some to be a counter to China’s Bridge and Road Initiative (BRI), which began in 2013. News, Today's news.
The United States (US) announced in July 2021 that the Prosper Africa initiative, launched in 2019 under the Trump administration, would be renewed and reinvigorated to increase reciprocal trade. The renewed initiative will focus on improving trade and investment in sectors such as infrastructure, energy and climate solutions, healthcare and technology. An additional USD 80-million has reportedly been requested to support its projects. The 17 US government agencies working as part of this .
Virusha Subban of Baker McKenzie looks at the Biden administration’s approach to Africa and its shift away from concerns about Russia and China, towards shared interests.