The U.S. government has partnered with the African Union to establish the Strategic Infrastructure and Investment Working Group, an entity designated to advance economic relations between Africans and the American people, according to a joint statement by the AU and the U.S. Department of State.

U.S. Deputy Secretary of State Christopher Landau and AUC chair Ali Youssouf met at the commission’s building in Addis Ababa, Ethiopia, on Wednesday to finalise the SIWG agreement.

Both leaders opined that economic growth was the major determinant of any country’s progress, adding that SIWG would create many jobs, reduce unemployment, and be crucial to fulfilling the AU’s 2063 agenda.

“They agreed that economic growth forms the foundation of a peaceful and prosperous Africa, and that the development of quality, trade-enabling infrastructure is a critical next step in advancing that growth, informed by the African Union’s Agenda 2063,” the statement said.

The SIWG has been projected to replace foreign assistance by providing investment opportunities to the private sector “to develop critical minerals and commodities supply chains, transportation corridors, energy networks, and regulatory harmonisation.”