Prosper Africa And US Embassy Kenya Announce $55M Co-Investment Partnerships

The US Government’s Prosper Africa initiative and Embassy in Kenya convened leading businesses and investors in New York City, along with a delegation of Kenyan government officials, to kick off the 2023 US-Kenya Business Roadshow. Participants included the NBA, Mastercard, Copia Global, Equity Bank, The Children’s Place, and PVH, which leads iconic clothing brands like Calvin Klein and Tommy Hilfiger.

Delivering on the commitments made at the US-Africa Leaders’ Summit, Ambassador Whitman announced six new Prosper Africa co-investments with Kenyan and American apparel companies valued at $55 million. These new co-investments build on the 14 deals announced by Kenyan President William Ruto at the American Chamber of Commerce Summit (AMCHAM) in March in Nairobi. In total these 20 co-investments, which are supported by Prosper Africa and the US Agency for International Development (USAID), demonstrate the United States’ commitment to strengthen the economic partnership with Kenya.

“The US-Kenya partnership is strong, built on sixty years of shared values and interests. Our partnership has enhanced security, increased prosperity, and improved the lives of Kenyans and Americans,” said Ambassador Whitman.

The six new co-investments with American and Kenyan apparel companies will connect American buyers with Kenyan manufacturers, creating more jobs in Kenya and across the United States by making it easier to do business together:

• MAS Intimates will create jobs in the formal sector and provide training for Kenyan workers to increase production of high-quality Kenyan made apparel.
• UAL will increase apparel exports to the US market by building a one-stop shop in Kenya that harmonizes all steps in the production process from “Farm to Fashion.”
• Mega will expand the company’s production capacity by adding new production lines.
• Coast Apparel will purchase machinery to increase production and export capacity, creating new jobs for women and youth.
• Best Lifestyle will hire and train new employees by expanding its manufacturing in Kenya.
• NexGen will set up a factory in Kenya to manufacture tags and labels, branding products in apparel and footwear for sale within and outside Africa.

“Prosper Africa is proud to connect US buyers with African suppliers and drive US investment into Kenya and countries across Africa,” said Prosper Africa Acting Coordinator Scott Cameron, “Together, we are creating jobs and fostering shared prosperity on both sides of the Atlantic.”