Source: Tridge
Prosper Africa has announced the United States-Africa Trade Desk (USATD)’s first $56 million trade deal for 700 containers of South African-grown table grapes to be imported to the US.
The US-Africa Trade Desk is a joint venture between Prosper Africa and Afritex Ventures, whose mandate is to bridge the gap between African agricultural suppliers and US buyers.
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Signed at the Africa Pavilion at the Summer Fancy Food Show, this transaction will help US retailers keep product prices stable for consumers during the country’s growing off-season, when commodity prices go up by 35%. Shipping will commence in the first week of November and continue until April 2025.
The deal, financed with a structured trade facility by EAS Advisors and Scipion Capital, enhances value for African producers by providing firm off-take prices and removing market volatility.
USATD will facilitate the transaction, providing an end-to-end solution that bridges the gap between retailer needs in the US and African production.
“I am excited to not only celebrate USATD’s first-ever deal, but also the first time ever that South African grape producers have had the ability to directly export to US retailers at scale,” said Prosper Africa coordinator, British Robinson.
“Prosper Africa is proud to work with African companies to help them leverage the African Growth and Opportunity Act and facilitate their partnerships with US buyers, who want to diversify their suppliers and find top-quality products for their consumers,” she said.
USATD chief commercial officer, Gavin van der Burgh, said the transaction with the leading US retailer would fill “a large gap” in the key commodities market.
“Through this deal, we have harnessed the agro-export potential of African nations,” van der Burgh said.
USATD also signed a memorandum of understanding with Baylis Emerging Markets to further expand trade and investment opportunities between the US and African countries.
Franklin Amoo, CEO and managing partner of Baylis and a member of the President’s Advisory Council on Doing Business in Africa said “the minimal-risk nature” of the deal has opened the door to more partnerships. trade and investment.
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