September 27, 1999
Ruth Nabakwe, PANA Correspondent
PARIS, France (PANA) - A 400-million-US-dollar African
Infrastructure Fund
to finance infrastructure programmes in Africa for 10
years has been created
by several bilateral and multilateral financial
institutions, the French
Development Agency announced Monday.
I said in a statement that the fund's promoter, the
American International
Group, has contributed 75 million dollars with the
International Financial
Company, a World Bank affiliate, adding a similar
amount to the fund.
The African Development Bank added 50 million dollars
to the fund while
European financial backers donated a total of 78
million dollars, it added.
Among the European sponsors include the European
Investments Bank which
contributed 25 million dollars with the rest drawn
from six other European
donors under the aegis of PROPARCO, a private sector
subsidiary of the
French Development Agency.
PROPARCO will, according to the statement, be
designated to represent
European institutions for two years at the Investment
Committee of the fund.
The fund's creation was announced in Washington by the
vice- president of
the American International Financial Group last week
in the presence of the
president of the World Bank, James Wolfensohn.
The fund was officially launched during the annual
World Bank and IMF
meeting in Washington.
The fund is aimed at supporting private sector
investments in infrastructure
projects in some 20 African countries.
According to the statement, former South African
President Nelson Mandela
will be the first president of the Consultative
Council of the Fund.

=====
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International Coordinating Secretariat
P.O.Box 8582
Madison, WI 53708-8582
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"Not everything that can be counted counts, and not everything that counts can be counted." -- Einstein
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