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US announces US $350-million fund

    ABIDJAN
    Encouraging direct investment in Sub-Saharan Africa is the aim of a new US $350-million US fund, George Munoz, chief executive of the US Overseas Private Investment Corp (OPIC), said on Monday. The fund will finance telecommunications, transportation, electrical power, water and sanitation projects and create at least 7,000 jobs, Munoz said at a news conference in Durban, South Africa, where he was attending the World Economic Forum of Southern African states. It is to be managed by the Sloane Financial Group, with offices in Johannesburg, West and East Africa. "These funds work because they are linked to fixed direct investment and the creation of jobs," Munoz said. OPIC defines itself as "an independent US government agency that sells investment services to assist US companies investing in some 140 emerging economies around the world".

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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