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Africa Investment climate facility launched at World Economic Forum on Africa in Cape Town

Cape Town, 1 June 2006 – The African Investment Climate Facility (ICF), an innovative public-private partnership aimed at making Africa a better place in which to do business, was formally launched at the World Economic Forum on Africa, which is taking place in Cape Town from 31 May to 2 June.

An independent trust launched in 2005 that is to dissolve in 2012, the ICF had set a target of US$ 550 million – US$ 50 million from business and US$ 500 million from governments and donor countries and organizations. The goal of the ICF is to remove obstacles – both real and perceived – to doing business in Africa. Run out of South Africa by SBP, a non-profit organization, it is focusing on property rights and contract enforcement, reducing red tape, taxation and customs reform, development of financial markets, infrastructure facilitation, labour market restructuring, the promotion of competition, and the control of corruption and crime.

The ICF is co-chaired by Niall FitzGerald, Chairman, Reuters, United Kingdom, and Member of the Foundation Board of the World Economic Forum, and Benjamin William Mkapa, President of Tanzania from 1995 to 2005. Both Co-Chairs will participate in the session on Thursday.

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