| Thu 17 Nov 2005, 15:36 | | Anglo - Announces $2.5 Million investment |
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Anglo - Announces $2.5 Million investment to promote enterprise in Africa
Anglo American plc
(Incorporated in the United Kingdom)
Registration number: 3564138
Share code: AGL
ISIN: GB0004901517
(the "Company")
NEWS RELEASE
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 of
the NEPAD Investment Climate Facility (ICF) to promote growth and enhance the
potential for business in Africa to contribute to poverty alleviation. The
announcement was made at a joint press conference with British Prime Minister,
Rt Hon Tony Blair MP, UK International Development Secretary, Rt Hon Hilary Benn
MP, 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 facility
which has an initial target of raising $120 million over the next three years.
The Facility will be a private sector-led, public-private partnership designed
to enhance Africa"s ability to meet the 7% annual economic growth target needed
to meet the core Millennium Development Goals in the continent. It will aim to
make Africa a more attractive environment in which to do business through:
reducing barriers to investment, facilitating dialogue between the private
sector and governments and acting as a source of advice to African Governments
on the formulation of policies and regulatory frameworks which promote
responsible enterprise. The ICF was proposed by the Commission for Africa and
endorsed by the G8 at the Gleneagles Summit.
Announcing the commitment to the Investment Climate Facility, Anglo American"s
Chief Executive, Tony Trahar commented: "During 2005 there has been a welcome
focus on the challenges facing Africa and there is some real momentum behind
increasing aid, debt relief and tackling conflict. Improving infrastructure and
underpinning fundamental public services is of great importance. However, if
there is to be sustainable development in Africa and an acceleration of economic
growth as the basis for poverty alleviation, this cannot happen through public
sector initiatives alone. The Investment Climate Facility aims to make Africa a
better place to do business for companies of all sizes, from farmers to start up
entrepreneurs on one hand to national and international companies on the other.
It aims to encourage investment, jobs and enterprise through creating a
business-friendly environment. As a major investor in Africa we know that it can
be an excellent place to do business, but in too many places enterprise is
stifled by bureaucracy and inefficient regulation. We regard our commitment to
the ICF as an important contribution to improving the life chances of millions
of Africans. We welcome the commitment made today by the British Government and
Shell and call on other companies and donor governments to join us."
Lazarus Zim, the Chief Executive of Anglo American South Africa was also present
for the announcement and the previous discussion with the Prime Minister on the
importance for Africa of a positive outcome from the Hong Kong WTO meeting.
Amongst the challenges which the ICF is expected to tackle are: streamlining
regimes for business registration and licensing so as to make it easier for
people to start enterprises and, as they grow, to maximise the chance of them
operating in the mainstream, rather than the informal, economy; improving
customs procedures and facilitating trade; removing barriers to competition;
reducing red-tape and promoting a more positive image of Africa as a place to do
business.
In June 2005, Anglo American received from UK"s Business in the Community, the
Oracle International Award for being the company making the biggest contribution
towards 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 resource
groups. With its subsidiaries, joint ventures and associates 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 (www.angloamerican.co.uk).
In 2004 Anglo American undertook capital expenditure of almost $2 billion in
Africa, employed 149,000 people and generated almost $5 billion in value added
on the continent.
17 November 2005
Sponsor:
J.P.Morgan Equities Limited
Date: 17/11/2005 03:36:47 PM Produced by the JSE SENS Department
