Washington, DC — Call it "The Little Project That Could." In this case, a project that has created more than $100 million in new trade and investment between American and West African small business, and no fewer than 3,000 new jobs.
The West Africa International Business Linkages (WAIBL) program of the Corporate Council on Africa (CCA) this week reached its $100 million milestone. According to CCA President Stephen Hayes "West Africa is the closest point of entry for U.S. companies to Africas emerging markets. WAIBL proves that West Africa is rich with trade and investment opportunities."
WAIBL has worked in 18 West African countries since 1999 to identify quality companies for business transactions with their American counterparts. For every dollar invested in the program, no less than $108 in new trade and investment has resulted, benefiting both Americans and West Africans.
Business under WAIBL includes exports to West Africa of new and refurbished U.S.-made equipment; sales of shea butter to U.S. cosmetics companies; and direct U.S. investment in West African apparel, agriculture, and information technology industries.
The project milestone comes at a time when several countries in the region have seen increased investor confidence. Ghana and Benin recently received B+ ratings from Standard and Poors and the Ghana Bourse enjoyed stellar performance in 2003 with a U.S. dollar return of 144 percent.
WAIBL is funded by the U.S. Agency for International Developments West Africa Regional Program. Visit www.ccawaibl.com for more information.
CCA, established in 1993, is a nonpartisan 501 (c) (3) membership organization of over 190 U.S. companies dedicated to strengthening the commercial relationship between the U.S. and Africa. CCA members represent nearly 85 percent of total U.S. private sector investments in Africa. CCA's website is www.africacncl.org.
