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Office of the Vice President

For Immediate Release July 15, 1999


Largest-Ever Overseas Private Investment Corporation Fund Expected

to Attract $2 Billion in Investment Capital for Africa

Washington, DC -- Vice President Al Gore today praised the creation of the New Africa Infrastructure Fund, the largest-ever equity investment fund developed by the Overseas Private Investment Corporation.

The $350 million fund is expected to attract an additional $2 billion in financing capital to sub-Saharan Africa -- at no cost to the U.S. taxpayer -- and will be launched next week on Capitol Hill.

"This fund will show how innovation and investment can work together to lift up regions too long denied the capital they need for economic growth," Vice President Gore said. "By gathering together the capital of private investors and venture capitalists into this new fund, we can reduce the risks, and increase the appeal, of new investment in Africa."

By promoting investments in vital infrastructure needs, the fund will help create nearly 7,000 new jobs and $50 million in annual revenues for the countries of sub-Saharan Africa. At the same time, the fund will benefit U.S. exporters by generating markets for hundreds of millions of dollars in U.S. products.

The New Africa Infrastructure Fund will be managed by The Sloan Financial Group and Taylor-DeJongh, Inc. The Sloan Financial Group is the largest black-owned financial institution in the United States. Sloan brings more than $1 billion in private capital fund-raising experience as well as significant investing experience in Africa. Taylor-DeJongh, Inc. brings extensive experience structuring private placements for debt and equity in emerging markets and is recognized for its experience with infrastructure investment in Africa.

"I want to commend the leadership of OPIC and George Munoz for their groundbreaking efforts to promote private sector investment in Africa," Gore said. "As we encourage new investment in Africa, we will ultimately see the economic impact in America -- and again prove the point that in the era of globalization, prosperity abroad fuels prosperity at home."

For more information, please contact Larry Spinelli at 202 336 8690.

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