The newly inaugurated East-West Africa Amalgamation (EWAA) has received a reported $10 billion investment commitment from the National Black Chamber of Commerce (NBCC) in the United States, in a move its promoters say could open new opportunities for tourism, trade, aviation and business development across Africa and the Caribbean.

The announcement was made during the formal launch of EWAA in Addis Ababa, Ethiopia, where representatives of businesses, tourism organisations, chambers of commerce and other stakeholders gathered to discuss the initiative's plans for regional economic cooperation.

NBCC President Charles Debow announced the investment commitment during the event, describing it as an effort to move beyond discussions about Africa's development and toward practical investment and business transactions. Reports from the launch also said the initiative would provide connections to about 200 chambers of commerce networks across the United States and Canada.

However, the $10 billion should not be interpreted as a $10 billion grant being handed directly to EWAA or distributed to individuals and businesses. EWAA Convener and La Campagne Tropicana Beach Resort founder, Otunba Wanle Akinboboye, said projects seeking support would have to meet investment requirements and demonstrate commercial viability.

The initiative is designed to identify and support projects that are considered attractive to investors and financial institutions. Akinboboye said proposals would undergo scrutiny before funding decisions are made, with no stated fixed ceiling on the amount that could be considered for an individual project if it meets the required criteria.

The clarification is significant because the investment announcement has been described in different reports as a fund, commitment or funding opportunity. An EWAA-linked account describes the $10 billion more broadly as an economic development and investment mobilisation target, intended to help structure viable projects and connect them with capital rather than represent one immediately available cash fund.

EWAA was launched under the theme “East-West Africa Amalgamation Through Tourism, Trade and Creative Arts.” The initiative is being promoted by Akinboboye's Motherland Beckons and IPADA Initiatives, in partnership with Accelerating Africa's Growth Connect (AAGC) and the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), according to reports from the launch.

Its stated ambition extends beyond tourism. The organisers have identified areas including aviation, agro-allied industries, ecotourism, transportation, commerce, trade and other business activities as potential areas for collaboration and investment.

Akinboboye has encouraged businesses, organisations and individuals with commercially viable projects to present their proposals for consideration. The objective, according to the initiative's promoters, is to create stronger connections between African businesses and investors while encouraging projects that can generate economic activity and employment.

The initiative also seeks to strengthen links between East and West Africa and the wider African diaspora, including the Caribbean. Organisers say such connections could facilitate partnerships involving businesses, governments and investors across different markets.

Some projects presented during the Addis Ababa gathering included agro-ecotourism developments in Ethiopia's Wolaita Zone and Wolaita Sodo, proposed La Campagne Agro-Eco Heritage Resorts and Farms projects in Taraba State and the Caribbean, as well as a proposed collaboration involving La Campagne and the Ekiti State Government.

The launch also featured project pitches and the signing of memoranda of understanding involving participants from different countries. Reports differ on the exact number of agreements signed, with some accounts reporting seven MoUs and others reporting more than 20, so the precise total could not be independently established from the available public reports.

The broader vision behind EWAA is to encourage greater economic integration by linking tourism, culture, trade and investment opportunities across African regions and with the global African diaspora.

For businesses seeking access to the announced investment opportunity, the emphasis from EWAA's leadership remains on commercially sound proposals rather than grants. The initiative says projects will need to demonstrate the potential to attract investment and contribute to sustainable economic activity.

If successfully implemented, the organisers expect the initiative to create new avenues for cross-border partnerships, tourism development, trade, infrastructure, agriculture and other businesses across participating regions.

For now, the $10 billion announcement represents a significant investment commitment and mobilisation framework, but the actual scale and timing of investments will depend on project proposals, due diligence, financing arrangements and agreements with investors.

Reporting by TalkNaijaMedia