President Donald Trump has appointed US International Development Finance Corporation’s (DFC) chief executive officer (CEO) Adam Boehler as executive chairman of the deals platform Prosper Africa.
The newly created entity was set up to facilitate deal making between the US and Africa.
Set up in 2018, Prosper Africa was created to facilitate two-way trade and investment between the US and African companies.
Prosper Africa pools together deal facilitation resources from 16 US government agencies, in a bid to connect buyers, suppliers, and investment opportunities across the two continents.
Boehler has been tasked with overseeing the efforts to coordinate and mobilise tools and resources of the 16 US government agencies in support of Prosper Africa’s mandate. He has been CEO at DFC for less than a year, having taken up the mantle in 2019.
Prosper Africa is structured to cover all aspects of the deal making cycle, which includes business environment, deal identification, evaluation, structuring and implementation.
Under business environment, the platform will cover legal, policy, and regulatory environment reform – and public financial management support. It will also include financial, investment, and trade market development.
Deal identification will include outreach, promotion, market intelligence, transaction development, partnerships and matchmaking – and origination.
Under deal evaluation, Prosper Africa will cover partner screening, technical and financial feasibility, transaction advisory services, project preparation and – deal due diligence and packaging.
On the other hand, deal structuring will include project design, construction and sub-contracting.
Meanwhile, deal implementation will cover operation and maintenance, contract support – and position for strategic flow of investment.
The deal making resources will be pulled from 16 US agencies, including DFC, United States Department of State, United States Department of the Treasury and the United States Department of Commerce.
Other US agencies are United States Agency for International Development (USAID), United States Department of Homeland Security, United States Department of Energy and the United States Department of Transportation.
The selected US agencies also include US Small Business Administration (SBA), United States Department of Agriculture (USDA), Export–Import Bank of the United States (EXIM) and the Millennium Challenge Corporation (MCC).
United States African Development Foundation (USADF), US Trade and Development Agency (USTDA) and the Executive Office of the President of the United States are also part of the 16 agencies.
This comes after DFC signed a $5 billion co-investment deal with the African Development Bank (AfDB) in 2019.
DFC has about $7 billion invested in over 150 deals, across Africa. It was created with an investment cap of $60 billion.