New Public Private Partnership launched to support business in Africa: Ireland pledges €2 million
Conor Lenihan T.D., Minister of State for Development Cooperation and Human Rights, today welcomed the establishment of the Investment Climate Facility (ICF), a new fund designed to improve the climate for business investment in Africa.
Speaking in advance of the launch, Minister Lenihan said:
“I am delighted to support the Investment Climate Facility and that Ireland can be involved at this early stage.
“Development cooperation is about much more than development assistance. Clearly, the Millennium Development Goals cannot be realised without sustained economic growth in less developed countries. And sustained economic growth cannot be achieved by relying on development assistance alone.
“It requires the kind of input which can only be generated by the private sector.
“In the Irish Aid programme, I am placing increasing emphasis on the supporting the development of the private sector in Africa.
“The Investment Climate Facility is an innovative partnership, bringing together governments and the private sector.
“I am confident that this approach will bring real and lasting results.
“I want also to congratulate Niall Fitzgerald, co-chair of the ICF and chairman of Reuters, for the leadership he has shown on this issue.”
The Investment Climate Facility is being launched on the margins of the World Economic Forum in Cape Town, South Africa. The initial funding target for the ICF is $110m. Ireland has pledged €2m.
1st June 2006