Source: BuaNews (Tshwane)

Chair of the African Union (AU), Ghanaian President John Kufuor has called on his fellow African leaders to back the starting up of the Pan African Fund for infrastructure development.

The fund would help to provide seed money and counterpart funds to attract credit lines from development partners for the implementation of specific projects.

It is the brain-child of South Africa, which proposes using a portion of pension funds from AU member countries for this purpose and could be developed within the ambit of the New Partnership for Africa's Development (NEPAD).

South African President Thabo Mbeki, Algerian President Abdulaziz Bouteflika, Nigeria's President Olusegun Obasanjo, Ethiopian Prime Minister Meles Zenawi and Alpha Omar Konare, President of the AU Commission, were among those who attended the one-day summit Wednesday to brainstorm the integration of NEPAD into the AU structure.

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Posted by pichu at March 23, 2007 3:09 PM