17th Nov 2005 12:00
Anglo American PLC17 November 2005 NEWS RELEASE 17 November 2005 ANGLO AMERICAN ANNOUNCES $2.5 MILLION INVESTMENT TO PROMOTE ENTERPRISE IN AFRICA Anglo American plc today announced a $2.5 million commitment to the creation ofthe NEPAD Investment Climate Facility (ICF) to promote growth and enhance thepotential for business in Africa to contribute to poverty alleviation. Theannouncement was made at a joint press conference with British Prime Minister,Rt Hon Tony Blair MP, UK International Development Secretary, Rt Hon Hilary BennMP, and other representatives of business and government, at 10 Downing Street. The parallel announcements by the British Government, Anglo American and Shell -amounting to $35 million - are the first commitments to the planned facilitywhich has an initial target of raising $120 million over the next three years.The Facility will be a private sector-led, public-private partnership designedto enhance Africa's ability to meet the 7% annual economic growth target neededto meet the core Millennium Development Goals in the continent. It will aim tomake Africa a more attractive environment in which to do business through:reducing barriers to investment, facilitating dialogue between the privatesector and governments and acting as a source of advice to African Governmentson the formulation of policies and regulatory frameworks which promoteresponsible enterprise. The ICF was proposed by the Commission for Africa andendorsed by the G8 at the Gleneagles Summit. Announcing the commitment to the Investment Climate Facility, Anglo American'sChief Executive, Tony Trahar commented: 'During 2005 there has been a welcomefocus on the challenges facing Africa and there is some real momentum behindincreasing aid, debt relief and tackling conflict. Improving infrastructure andunderpinning fundamental public services is of great importance. However, ifthere is to be sustainable development in Africa and an acceleration of economicgrowth as the basis for poverty alleviation, this cannot happen through publicsector initiatives alone. The Investment Climate Facility aims to make Africa abetter place to do business for companies of all sizes, from farmers to start upentrepreneurs on one hand to national and international companies on the other.It aims to encourage investment, jobs and enterprise through creating abusiness-friendly environment. As a major investor in Africa we know that it canbe an excellent place to do business, but in too many places enterprise isstifled by bureaucracy and inefficient regulation. We regard our commitment tothe ICF as an important contribution to improving the life chances of millionsof Africans. We welcome the commitment made today by the British Government andShell and call on other companies and donor governments to join us.' Lazarus Zim, the Chief Executive of Anglo American South Africa was also presentfor the announcement and the previous discussion with the Prime Minister on theimportance for Africa of a positive outcome from the Hong Kong WTO meeting. Amongst the challenges which the ICF is expected to tackle are: streamliningregimes for business registration and licensing so as to make it easier forpeople to start enterprises and, as they grow, to maximise the chance of themoperating in the mainstream, rather than the informal, economy; improvingcustoms procedures and facilitating trade; removing barriers to competition;reducing red-tape and promoting a more positive image of Africa as a place to dobusiness. In June 2005, Anglo American received from UK's Business in the Community, theOracle International Award for being the company making the biggest contributiontowards the achievement of the Millennium Development Goals in Africa. For further information: Edward Bickham Douglas Ramaphosa+44 (0)20 7968 8547 +27 (0)638 2588 Kate Aindow Daniel Ngwepe+44 (0)20 7968 8619 +27 (0)638 2267 Notes to Editors: Anglo American plc is one of the world's largest mining and natural resourcegroups. With its subsidiaries, joint ventures and associates it is a globalleader in platinum group metals, gold and diamonds, with significant interestsin coal, base and ferrous metals, industrial minerals and paper and packaging.The Group is geographically diverse with operations in Africa, Europe, South andNorth America, Australia and Asia (www.angloamerican.co.uk). In 2004 Anglo American undertook capital expenditure of almost $2 billion inAfrica, employed 149,000 people and generated almost $5 billion in value addedon the continent This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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