GABM announces pledge of $125 million (06/12/06)

 

Global Association of Billionaires and Millionaires (GABM) is to commence a 125-million US Dollar entrepreneurial development program on the African continent, which it said represents the largest single project it has ever undertook.

 
 
In a statement sent to The Daily Monitor yesterday, the Association said "this exciting and challenging project" is financed by Ascot Venture Capital Limited, a venture capital company that is also a proud registered associate member of GABM.

According to Ascot Venture Capital Limited's Board of Directors the 125-million US Dollar represents an investment in the future of the African continent and its people, through the responsible and constructive development of entrepreneurs.

The statement said the project is envisaged to focus, among others, on enhancing of global economic development and growth, development of entrepreneurship and alleviation of poverty GABM was specifically selected by Ascot Venture Capital Limited to allocate and manage the funds as a result of GABM's well established infrastructure as well as its vast experience in participating and developing philanthropic programs all over the world, the statement said.

"Naturally, GABM will now expand its African infrastructure by accommodating more GABM Ambassador Representatives to complete this assignment, as well as those that will follow, successfully and sustainable.

Source: The Daily Monitor

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