Prosper Africa has announced the United States – Africa Trade Desk (USATD)'s first $56M trade deal for 700 containers (1,260,000 crates) of South African-grown table grapes to the U.S. The U.S.-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.
Signed at the Africa Pavilion at the Summer Fancy Foods Trade Show, this transaction will help US retailers keep product prices stable for U.S. consumers during the U.S. growing off season, when commodity prices go up by 35%. 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.
Shipping will commence in the first week of November 2024 and continue through April 2025, filling the gaps of the US domestic growing season. USATD will facilitate the entire transaction, providing an end-to-end solution that bridges the gap between retailer needs in the U.S. 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 U.S. retailers at scale," said Prosper Africa Coordinator, British A. Robinson. "Prosper Africa is proud to work with African companies to help them leverage the African Growth and Opportunity Act (AGOA) and facilitate their partnerships with US buyers, who want to diversify their suppliers and find top quality products for their consumers."
"We are pleased to share the news of our successfully concluded transaction with a leading US retailer to fill a large gap in the key commodities market. Through this deal, we have harnessed the agro export potential of African nations," said Gavin van der Burgh, Chief Commercial Officer, USATD.
USATD also signed a Memorandum of Understanding (MOU) with Baylis Emerging Markets to further expand trade and investment opportunities between the United States and African nations. Franklin Amoo, CEO and Managing Partner of Baylis and a member of the President's Advisory Council for Doing Business in Africa (PAC-DBiA), said "the minimal-risk nature of this deal has opened the door to more partnerships, including our new structured financing partnership with USATD."
Prosper Africa supported the mutual collaboration between both parties, in continued demonstration of its mandate to advance deals, promote market opportunities, and strengthen trade and investment between the United States and Africa.
For more information: 
Prosper Africa
1300 Pennsylvania Ave NW
Washington, DC 20004