Biden administration delighted US company Red River Foods to invest millions of dollars to expand cashew processing facilities in West Africa for export to the US
U.S. government officials visited Red River Foods, an American company based in Richmond, Va., On Wednesday to discuss the company’s recent $ 47 million investment in West Africa. With $ 3 million in dedicated funding for Prosper Africa from the United States Agency for International Development (USAID), Red River Foods is investing an additional $ 44 million to expand cashew processing facilities in West Africa for export to the United States.
With this new investment, West Africa is expected to become one of the largest cashew exporters to the United States by 2024.
“This is a critical and climate smart investment that responds to changes in global supply chains resulting from the COVID-19 pandemic,” USAID said in a statement. “This American company used to ship raw cashews from West Africa to Southeast Asia for processing before exporting them to the United States. The deal will support the livelihoods of around 11,000 West African farmers, create around 500 jobs and generate around $ 30 million in exports in just three years.
The Red River Foods co-investment is one of many investments USAID has supported through its West Africa Trade & Investment Hub, which established a co-investment fund to attract $ 400 million in new private investments, create 60,000 jobs and increase international trade.
Through co-investment partnerships, USAID is stimulating investment in West Africa, shifting from an extractive export model to one that adds greater value and fosters inclusive growth for African economies and American.
“Investments like this advance the US government’s Prosper Africa Build Together campaign, a focused, long-term effort to energize and elevate the US commitment to trade and investment with Africa,” he said. declared the agency.
He added: “Through Prosper Africa, the US government is strengthening ties with our African partners through investments that create jobs and build infrastructure in both Africa and the United States. By supporting American businesses with socially inclusive business models that benefit women, youth and low-income communities, Prosper Africa advances the Biden-Harris administration’s vision for a brighter future – a future of commerce and business. growing investment that promotes prosperity for all of our nations by raising capital, stimulating job creation and fueling shared economic growth.
“Prosper Africa is the US government’s initiative to dramatically increase two-way trade and investment between African countries and the United States. The initiative mobilizes all of the U.S. government’s trade and investment support services, across 17 participating departments and agencies, to help U.S. and African businesses and investors identify partners, advance opportunities, and close. agreements.