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Commonwealth Secretariat press release

CHOGM LAUNCHES NEW FUND FOR COMMONWEALTH AFRICA, 3 March 2002

4 March 2002

A new Commonwealth fund for Africa will be announced at the Commonwealth Heads of Government Meeting (CHOGM) in Coolum, Australia, on Sunday 3 March. Commonwealth Secretary-General Don McKinnon, African leaders and potential investor countries will be present.

The new fund is launched under the Commonwealth Private Investment Initiative (CPII) in collaboration with the World Bank's International Finance Corporation (IFC) and the Development Bank of Southern Africa. Discussions are under way with other potential investors.

Managed by Zephyr Management LP, it will bring fresh capital to Africa's private sector through long-term equity and quasi-equity investments in a broad range of companies. The fund will target in particular companies with the potential to compete in regional and international markets and seeks to generate commercial returns in US dollar terms over 10 years.

Mr McKinnon said today: "This new fund bucks the trend whereby private flows to emerging markets have been concentrated in just ten countries. It shows the Commonwealth's strength as a catalyst for both South-South and North-South co-operation. Through such public/private partnerships Commonwealth countries can achieve sustainable development."

Peter Woicke, Executive Vice-President of the IFC said: "The proposed Pan-African Fund will help African companies reach the critical business mass required to meet global competition. It will also support well conceived privatisations. The fund will build portfolio companies organically and through acquisitions without regard to political boundaries. We are very pleased that the IFC is working with the Commonwealth Secretariat, the Development Bank of South Africa, Zephyr Management and other investors to raise funds for this initiative."


Note for Editors

CPII has established private funds in the four regions of the Commonwealth to facilitate commercial investment in viable private projects. It has already raised over US$200 million globally from investment agencies, development banks and financial institutions.

Present at today's press conference will be Commonwealth Secretary-General Don McKinnon, President Benjamin Mkapa of the United Republic of Tanzania and Tom Barry, Chairman and Chief Executive of Zephyr Management, who will give a presentation on the Fund. They will be joined by Deputy Secretary-General (Development Co-operation) Winston Cox, Greg White of the Development Bank of Southern Africa and Denise Aldous, International Financial Corporation, World Bank Group.

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