NEPAD's response to announcement of support for the Investment Climate Facility (ICF) by the UK Government, Anglo-American and Shell
17 November 2005

NEPAD warmly welcomes the public announcement today of financial support for the ICF by the UK Government (US$30 million), Anglo-American (US$2.5 million) and Shell.(US$2.5 million).

NEPAD Secretariat Chief Executive, Professor Firmino Mucavele, said, “The ICF is an African-led response to Africa 's development challenges. It is an African facility, for our continent. The ICF will provide powerful support for NEPAD's strategy to galvanise the private sector in Africa . Many African economies are now on a faster growth path, and Africa is attracting increasing interest from overseas investors. But Africa needs to grow even faster and more consistently. Our urgent need is to establish and maintain a sound environment for private sector development in Africa – for the development of small and medium enterprises here and for much greater investment by African and foreign investors across our continent. A good business environment will also expand trading opportunities, both within and outside Africa . The ICF will help us to do all of this, in partnership with the private sector and international donors ”

Professor Mucavele added: “The ICF will enable Africa to make a positive and sustainable impact on the continent's business environment over the next seven years, creating employment and bringing greater prosperity to all our people“.

NEPAD has been closely involved in the ICF's design and development and the identification of programme objectives. NEPAD has also actively engaged with private sector stakeholders to encourage them to make financial and technical support available to the ICF.

The ICF will support country specific and regional initiatives in a number of priority areas, working with African governments to formulate business-friendly policies and regulations, to build institutional capacity, develop platforms for dialogue between government and business, and to improve the information and services available to governments and investors.

One of the ICF's core objectives is to assist African governments to respond effectively to the recommendations of the African Peer Review process, focusing, at least in the initial stages, on the 24 countries that are signed up to the NEPAD African Peer Review Mechanism (APRM).

Welcoming the lead shown by the UK Government, Anglo American and Shell, NEPAD now calls upon other international donors and companies to give their support to the ICF.

For further information please contact Mr Karim Khalil at the NEPAD Secretariat,
Tel. +27 11 313 3625