The Canadian Commercial Corp. today announced the start of its selection process for a fund manager to oversee the newly created $200 million Canada Investment Fund for Africa.

The fund is targeted to be fully operational by the fall of 2003. CCC is looking for a fund manager with experience in making private equity investments in Africa or related developing and emerging markets, a strong, cohesive management team, and proven ability to raise capital.

The selected fund manager will develop, structure, and manage the fund, comprised of a $100 million contribution from the Canadian Government and $100 million to be raised from the private sector.

To ensure openness and accountability, a public/private sector evaluation panel has been convened, which, chaired by CCC, comprises one representative each from CIDA and DFAIT as well as private sector representatives with fund management expertise and African business experience.

The Canada Investment Fund for Africa is part of a package of initiatives announced by Prime Minister Jean Chrétien at the G8 Summit last June in Kananaskis and was established to increase private investment into Africa, to generate economic growth in a commercially viable and self-sustaining manner. The Canada Investment Fund for Africa is funded through the $500 million Canada Fund for Africa administered by the Canadian International Development Agency.