Development: Bob Geldof abandons aid for trade: plans to raise $1 billion for an African investment fund

Pro-aid activist, Bob Geldof abandons aid for trade. While this is a move in the right direction, should he still be seeking money for the continent? What’s your viewpoint? Share your thoughts…

via Reuters

Bob Geldof plans to raise $1 billion for an African investment fund to be called 8 Miles, according to a person familiar with the situation. The distance between the southern tip of Europe and northern Africa is eight miles. — The fund will be run by Mark Florman, a former executive at private equity firm Doughty Hanson, and Gordon Moore, who previously worked at another private equity firm, Cinven. — The African Development Bank and the International Finance Corporation, the World Bank’s private sector arm, have both offered to invest $50 million in the venture. Geldof has also committed an undisclosed amount of his own money. — Goldman Sachs’ chief economist, Jim O’Neill, has predicted the combined GDP of the 11 largest African economies could reach $13 trillion by 2050, making them bigger than either Brazil or Russia.

Tweet

Share