8 December 2000

Africa: OPIC Puts Out Call For New Proposals To Manage Africa Infrastructure Fund

Washington, DC — The Overseas Private Investment Corporation (OPIC) is seeking new management for its $350m Africa Infrastructure Fund.

Most of the fund is guaranteed by OPIC, but a portion of the $350m fund must be unguaranteed private equity.

In 1999, New Africa Advisors, a subsidiary of the Durham, North Carolina-based Sloan Management Group led by Maceo K. Sloan was selected to manage the fund over several competitors. The Sloan group has, however, failed to raise the equity.

It is the second OPIC Africa fund Sloan has lost. Three months ago the Sloan group was forced to surrender management of the New Africa Opportunity Fund after an OPIC investigation uncovered "substantial abuses" in the fund's management and investment practices, according to one Congressional aide who asked not to be identified.

Calls to New Africa Advisors were not returned.

A new deadline of December 29 has been set for submitting proposals for managing the infrastructure fund. An OPIC statement describes four "major criteria" in selecting a manager for the fund.

* ability to raise capital

* private equity management

* a broad record of infrastructure investment

* experience in sub-saharan Africa

OPIC hopes that the fund will leverage about $2bn for basic infrastructure needs.

Africa

Africa's Health Challenge is a Human Rights Issue

Access to health is a human right. The Constitution of the World Health Organization states that "the enjoyment of the… Read more »

Copyright © 2000 allAfrica.com. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 900 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.