§ Mrs. SpelmanTo ask the Secretary of State for International Development what funds have been allocated to the Africa Private Infrastructure Financing Facility; and when it became operational. [39475]
§ Clare ShortThe fund, which is now known as the Emerging Africa Infrastructure Fund (EAIF), comprises both equity and loan finance. Equity is being contributed by a group of bilateral donors including Holland, Sweden and Switzerland, in addition to the United Kingdom. My Department has committed £71 million over the period to March 2004. A consortium of commercial banks is providing both senior and subordinated debt, at a current level of about £140 million.
The first meeting of the board of the company took place on 18 December 2001 in The Hague, while the public launch occurred on 30 January 2002 in London.
§ Mrs. SpelmanTo ask the Secretary of State for International Development if she will list the projects being supported by the Africa Private Infrastructure Financing Facility and indicate how much money has been allocated to each project. [39473]
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§ Clare ShortThe facility has now been launched as the Emerging Africa Infrastructure Fund. It is currently investigating a number of possible investment opportunities but, since it has been in existence for a short period of time, the board has not yet taken a decision to commit funds to any specific initiative.
The amount of funding available for investment presently stands at over £200 million. An investment policy has been agreed with the fund managers which will ensure that the projects selected are socially and environmentally sound, and contribute to pro-poor development.