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Clinton announces $ 100m fund to help S Africa business
WASHINGTON. Oct 6 Capping two days of pomp and ceremony with South African President Nelson Mandela. President Clinton announced a 100 million dollar fund to help entrepreneurs In southern Africa and a high-level com mission for South Africa. Reports AP.
"You can be certain that the United States will continue to do everything in our power to support the new nation you and your South African people have created and now seek so strongly to build." Clinton assured Mandela, who stood beside him at a White House news conference.
"The new South Africa with Nelson Mandela s leadership has won the fight for freedom. Now it stands at the crossroads of hope." Clinton said.
Clinton, who earlier had committed to 600 million dollars in assistance over three years, said US loans will be used to guarantee construction of more than 500 million dollars in new housing. The United States also will spend 50 million dollars to help provide electricity, and 30 million dollars for basic health care. . "You have shown us the way, and we look forward, sir. to
walking down the road wftn you." Clinton said.
Mandela thanked Clinton for US support of his efforts to rebuild South Africa's economy under a new all-race social structure, and credited Clinton personally with "ensuring that Africa does not become a forgotten continent."
Mandela said he ii still considering Clinton's request to provide police or military support for the US-led military action in Haiti. He said the decision would be made In consultation with other countries in the region, adding. "We are keen to answer collectively as a region."
Clinton said South Africa should serve and example of hope for Haiti, stressing the need for reconciliation.
Mandela said he would meet with exiled President Jean-Bertrand Aristide while in Washington, and Clinton said he was grateful for that because "the Haitian people will see that you can bring a country where there have been deep, even bloody divisions, together."
Clinton said a binational commission will be formed to promote cooperation in such
areas as energy, education and development. II will be headed by Vice President Al Gore and South African Deputy President Thabo Mbeki and patterned on a bilateral commission formed by the United States and Russia.
He said the 100 million dollars development fund will be directed to all of southern Africa and chaired by former Atlanta Mayor Andrew Young.
Aides sa'id the Southern Africa Enterprise Development Fund is designed to help disadvantaged business people with equity financing, loans and guarantees, financial advice and technical help to black and disadvantaged small businesses.
Clinton also formalised the US Commitment of Peace Corps volunteers to South Africa. Since the transition in May to Mandela’s all-race government, South Africa has been eager for Peace Corps help on education, water sanitation, rural health care and youth development projects.
Mandela is on a five-day, tightly packed visit to Washington that includes an address to a joint meeting of Congress on Thursday. Clinton hosted a lunch Wednesday and
a state dinner Tuesday for Mandela.
At the lunch, which included members of the Congressional Black Caucus. Clinton praised the elected African American leaders for helping, "raise the consciousness of all Americans to the terrible injustice of apartheid" and pushing through congressional anti-apartheid legislation.
To demonstrate support for the transition that ended South Africa's isolation under its apartheid system of racial separation, Clinton earlier committed to 600 million dollars in assistance over three years.
No new money was added for Mandela's visit this week. But officials announced details of new projects for South Africa, including 200 million dollars in loan guarantees for housing and electrification projects in impoverished black township areas.
Separately, the federally supported Overseas Private Investment Corp., is offering 150 million dollars in new equity funds to provide capital and risk insurance for prospective business executives in South Africa.