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Cape Town - Robert Zoellick, president of the
World Bank has, according to a report in a Chinese newspaper, spent half his
time during a visit to the country persuading local companies - including
the country's sovereign fund - to invest in Africa.
A report in the China Daily, circulated on Friday by the Stellenbosch
University's Centre for Chinese Studies reported the World Bank chief as
saying an asset management operation under the bank's private sector
investment arm, the International Finance Corporation (IFC), would probably
complete its first private equity fund this autumn, and that Zoellick met
with managers from China's sovereign fund, the China Investment Corp on
possible investment in the fund.
In an interview with the China Daily, the World Bank president cited the
sound investment record of IFC in the past decades to persuade sovereign and
pension funds that there are good opportunities in developing countries,
such as Africa.
"The rate of return of IFC's private sector projects has been 20 % over
the past 25 years. It is a pretty good return," he said.
Zoellick said the World Bank is seeking several approaches to cooperate
with CIC. For instance, the sovereign fund could invest in infrastructure,
debt restructuring, equity investment as well as healthcare and financial
sectors in Africa, Zoellick said.
- I-Net Bridge