Sovereign wealth funds should invest in Africa, Zoellick says; Outlines plan to advance development in face of market turmoil, high food and energy prices.

0 Comments | M2 Presswire, April, 2008

M2 PRESSWIRE-3 April 2008-The World Bank Group: Sovereign wealth funds should invest in Africa, Zoellick says; Outlines plan to advance development in face of market turmoil, high food and energy prices(C)1994-2008 M2 COMMUNICATIONS LTD

RDATE:03042008

WASHINGTON -- World Bank Group President Robert B. Zoellick outlined a plan today for sovereign wealth funds to invest one percent of their holdings in equity in sub-Saharan Africa as a way of tapping long-term global liquidity to boost investment opportunities and development.

Zoellick said there was an urgent need to counter immediate threats in response to the current global crisis while laying the foundations to maximize opportunity and hope for all over the longer term. He urged...

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