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Ghana benefits from US funds
Accra, Nov. 19, Ghanadot/GNA - Ghana was named as one of the
major beneficiaries of United States recent three new funds
for Africa which promises the continent of over 750 million
dollars for the strengthening of African Financial market.
Other countries mentioned included Nigeria, South Africa,
Zambia, Kenya, Egypt, Angola, Cote d’Ivoire, Democratic
Republic of Congo (DRC), Liberia, Gabon and Madagascar.
The three separate funds namely the Africa Catalyst Fund (ACF),
the Millennium Global African Opportunity Fund and the
Atlantic Coast Regional Fund would help African nations to
strengthen their financial market through the creation of
several
new private equity fund by the US Overseas Private
Investment Cooperation (OPIC) Launching the project in Accra
on Monday, Mr. Henry Paulson Junior, US Treasury Secretary
said Ghana was selected among the countries to get the
lion's share of the initiative because of her sound economic
and good governance foundation.
He said African leaders were doing tremendously well in
their economic progress since most of them were taking their
economic future in their own hands.
Mr Paulson said: "African governments are currently doing
all that is necessary to attract foreign direct investment."
Briefing the media, Mr Robert Mosbacher Jnr., Chief
Executive Officer, OPIC said the corporation has already
committed up to 250 million dollars to support the three
funds.
He said under the ACF, OPIC will provide 100 million dollars
which would be invested in a portfolio of Mezzanine Finance,
exchange traded and private equity, exchange traded
corporate debt, convertible bonds and private loans to
provide growth capital in Africa.
He said the fund has a target capitalisation of 300 million
dollars.
Under the Millennium Global African Opportunity Funds, Mr
Mosbacher said 100 million dollars would be invested in a
variety of investment products, which included corporate
bonds, convertible bonds, subordinated debts, sovereign
debts and preferred stock and exchange traded and private
equity.
This fund, which also has a target capitalisation of 300
million dollars, would invest in sectors such as natural
resources, telecommunications energy, infrastructure,
financial services and manufacturing.
For the Atlantic Coast Regional Fund, which has the target
of 150 million dollars, Mr. Mosbacher said the investment
would be done in companies within West and Central Africa in
the transportation, manufacturing, agri-business, financial
services, mining and natural resources.
Mr. Mosbacher announced that OPIC was considering a proposal
to establish for the first time, in its history, an
investment vehicle that provided both social and economic
benefits by creating a private equity investment fund
designed specially to improve African employment, health and
over well being through profitable investments in African
companies.
He said OPIC operates in over 150 countries.
GNA
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