Bush Administration Unveils African Trade Initiatives
November 30, 2001
President Bush has announced initiatives intended to spur economic growth in
sub-Saharan Africa, including a new $200 million Overseas Private Investment
Corporation (OPIC) program to provide U.S. firms access to loan guarantees and
political risk insurance for new investment projects in the region. In a second
initiative, a Trade for African Development and Enterprise (TRADE) program will
be created with $15 million in initial funding to help African businesses take
advantage of the African Growth and Opportunity Act (AGOA) market access
programs. In a related move, the U.S. Trade Representative signed a U.S.-Nigeria
Joint Declaration on Electronic Commerce, and a Trade and Investment Framework
Agreement with the Common Market for Eastern and Southern Africa (COMESA).