Press Release Archive - 2006

Anglo American announced in November 2005 that it would become a founder investor in the NEPAD Investment Climate Facility – contributing $2.5 million over 5 years. The company is. therefore, now pleased to welcome the formal launch of the Facility at the Africa Summit of the World Economic Forum in Cape Town.

Speaking at the launch, Anglo American plc Chairman, Sir Mark Moody-Stuart commented: “The launch of the Investment Climate Facility is an important element in delivering on the agenda set out by the Commission for Africa and endorsed by the G8 at Gleneagles. The welcome increase in aid, coupled with debt relief, set in train by the Gleneagles Declaration will only be sustainable if there is a renaissance in the role of business in Africa. If enabled to do so, it is the private sector that will create the jobs and wealth needed to reduce poverty. There are too many barriers to trade and enterprise in Africa – barriers caused by lack of infrastructure; barriers caused by bureaucracy or corruption, barriers caused by bad legislation, barriers raised by lack of secure property rights or by an inability to raise capital.”

“Of course Africa has many successful businesses and some countries have been pursuing significant economic reform programmes. But in a number of countries, whether through accident or design, there remain too many impediments to starting a business or for companies to move out of the informal sector and into the mainstream economy. The donor community is not without blame either given the traditional Statist focus of much traditional development policy, but as the Investment Climate Facility shows, this is changing.”

“The Investment Climate Facility is a genuine public-private partnership – with, I hope, the active support of civil society. Conditions which encourage the growth of responsible business activity benefit all businesses, whether they are small and struggling to grow or large businesses. This is in the interests of all sections of society. We are also determined that the Facility should be results focussed and look to achieve early and palpable gains for the business environment, especially as it affects small and medium sized firms.”

“I am delighted that an initial $80 million has been raised to launch the ICF. Nonetheless, with the exception of the UK Government, the follow-through from other G8 nations has been disappointing and I hope that this will be resolved in the coming months. They need too to redouble their efforts to secure a favourable outcome from the Doha 'Development' Round trade negotiations. We must also increase both the financial and in-kind commitments from business to the ICF and that, together with finding the right launch projects will be an immediate focus for the team. As a business with its roots, and a strong continuing presence, in Africa, Anglo American is proud to be in the vanguard of this initiative.”

Note to Editors:

Anglo American is one of the world's largest mining and natural resource groups. With its subsidiaries, associates and joint ventures, it is a global leader in platinum group metals, gold and diamonds with significant interests in coal, base and ferrous metals, industrial minerals and paper and packaging. The Group is geographically diverse with operations in Africa, Europe, South and North America, Australia and Asia (website: www.angloamerican.co.uk).