PRESIDENT BONGO ANNOUNCES $200 MILLION FUND TO FINANCE THE CREATION OF 50 PROFESSIONAL SCHOOLS

Start-up finance will be provided by the six CEMAC member states

LIBREVILLE, June 16, 2013: H.E. Ali Bongo Ondimba, President of the Gabonese Republic, announced the creation of a $200 million fund, in association with the New York Forum Institute and with the support of the whole CEMAC region (Chad, Central African Republic, Cameroon, Equatorial Guinea, Gabon and the Republic of the Congo). The fund, called Train My Generation, will finance the creation of 50 professional schools that will train 100,000 students in 18-24 months.

The fund was announced at the closing session of The New York Forum AFRICA, the biggest pan-African summit in the world, and will be presented to the G8 Summit.

The start-up of the fund will be financed by a $50 million contribution from the CEMAC governments and the balance will be provided by investment from the private sector in Africa and internationally.

These schools will focus on three sectors - tourism, agriculture and retail - that have the biggest growth potential, and the potential to create the most jobs.

Working with leading international vocational training institutions, Train My Generation will answer employer requirements and fill the gap between high school education and workforce entry. Training programmes will last 12 – 18 months.

The fund will be audited and fully compliant with international standards of compliance.

The New York Forum AFRICA, organized by Richard Attias & Associates under the patronage of the Office of President Ali Bongo Ondimba and in collaboration with the Government of Gabon, played host to eight African heads of state and more than 1,600 participants.

This year the NYFA played host to the Summit of the CEMAC Heads of State.

The high-profile forum hosted economic leaders, business executives, young entrepreneurs, investment funds, policy makers, and international media for intense discussions and working sessions. They discussed how to accelerate economic development across the African continent through increased trade transparency, governance, safety, entrepreneurship, and support for Small and Medium Enterprises (SMEs), which accounts for 90 per cent of the private sector on the continent.