Peoples investment for Africa fund launched

Accra (Greater Accra), 20th May 99 -

The Reverend Leon Sullivan, the Convenor of the Fifth African-African American Summit underway in Accra on Wednesday launched the "People's Investment For Africa (PIFA)" to raise money to support Africa's development.

PIFA, which is an investment vehicle of promissory notes, will attract a six per cent annual interest and will be managed by African Development Bank based in Abidjan.

Taking the first step with a cheque for 2,000 dollars to start the scheme, Rev Sullivan said the time has come for Africa to breakaway from depending on rich nations for aid and assistance.

"We do not have to beg anymore. We (Africa) have a future and the future is Africa.

"They took us away in chains and shackles, but we have come back in aeroplanes.

"We have not come back with empty hands. We have come back with trained minds as bankers, doctors, scientists and what have you...and together the future is ours," the emotionally charged Rev Sullivan told the audience at a well attended Presidential Plenary session of the Summit.

Rev Sullivan, who laced his emotional speech with biblical references, said the past belonged to the Europeans while America and Asia have had their turn of global development.

"...We are the future of the world. And the future is now. We have come back together and we will never be separated again."

The visionary of the biennial Summit, which began in 1991 and serves as a rallying point for supporting the African cause said all that the continent needs is education, investment and technical support.

He said PIFA is a modest beginning of the good things that will happen to Africa in future.

Some Africans pledged about 150,000 dollars immediately the scheme was launched.

This, he said, will be used to support over 1,000 new small-scale businesses in Africa.

Africa, according to a World Development Report, needs 100 billion dollars a year to sustain between six and seven per cent growth rate.

Rev Sullivan said the challenge of the new relationship between Africa and African Americans is to press for debt relief for Africa.

"We will tell the World Bank, International Monetary Fund and the American Government that Africa needs special hearing on its debts," Rev Sullivan said.