|
IFPT Management Inc. Selected to co-Manage the C$200 Million
Canada Investment Fund for Africa.
A public-private partnership for investment in the high
growth markets of Africa
MONTREAL, May 11, 2004 – IFPT Management Inc. (IMI) and Actis
today announced that they have been selected to manage the C$200 million
Canada Investment Fund for Africa (CIFA). The two fund managers will
be responsible for the development, structuring, and management of
the Fund which will invest in risk capital for private investments
across the African continent. The fund is comprised of a C$100 million
subscription from Canada, through the Canada Fund for Africa, and
a minimum of C$100 million to be raised from third parties.
The Canadian Commercial Corporation (CCC) managed, on behalf of the
Canadian Government, the competitive selection process for a fund
manager for CIFA. IMI and Actis were chosen to manage the Fund from
an extensive list of interested international candidates.
“We believe the Fund will demonstrate real benefits of collaboration
between public and private sectors and bring long term self-sustaining
economic prosperity to the African continent,” said David Creighton,
President and Chief Executive Officer of IMI. “The Government’s
decision to become a catalyst for such a fund affirms its role as
a proactive member of the G8 and the fact that it has chosen our partnership
to manage the Fund is an indication of its commitment and belief in
our capabilities in managing private sector investments in the emerging
markets.”
Paul Fletcher, Chief Executive of Actis, commented “Actis is
delivering on its mandate to stimulate third party capital flows into
some of the poorest countries in the world. Actis has been chosen
for its investment experience, extensive presence across Africa and
strong investment team, a team that can lay claim to being the leading
risk capital manager in Africa.”
The Fund, first announced at the G8 Summit in June 2002 as part of
the $500 million Canada Fund for Africa, which was established to
enhance Canada’s commitment to the G8 Africa Action Plan and
the New Partnership for Africa’s Development, or NEPAD. It is
fully supported by Prime Minister Paul Martin who, most recently through
his position as co-Chair of the UN Commission on Private Sector and
Development, is a long-time advocate for developing nations. The objective
of the Fund is to spur economic growth by providing risk capital for
private investments in Africa in a commercially viable and self-sustaining
manner.
IMI is a portfolio manager headquartered in Montreal, Quebec. The
Company specializes in international private sector investments with
emphasis in emerging and high growth markets. In 2001 it raised US$360
million for the launch of IFPT, a Trust that offers Canadian pension
and endowment funds access to a floating rate return through carefully
selected project finance loans in emerging markets that enjoy the
World Bank’s Preferred Creditor Status.
Actis, an independent private equity investor which recently demerged
from CDC Capital Partners of the UK, has been a financial investor
in emerging markets for over fifty years. Its mandate is to make private
sector investments in support of sustainable businesses which operate
to the highest socially responsible standards in developing countries
around the world.
-30-
For further information:
Lori Trotter
IFPT Management Inc.
Suite 2400
1010 Sherbrooke Street West
Montreal, QC, H3Y 2R7
(514) 286-2631
ltrotter@ifpt.com
Internet: www.ifpt.com , www.acdi-cida.gc.ca/canadafundforafrica , www.act.is
|
