Global crisis 'may affect Africa aid'

The current global financial crisis is unlikely to have an immediate impact on US aid to Africa but it could have potential influence on American private investment flows into the region, a senior US official said in Beijing yesterday.

"We should not see an impact on our aid dollars for at least the next two years because our budgets are appropriated and set and the money is already in the pipeline," said US Assistant Secretary for African Affairs Jendayi Frazer.

"But I do believe that the financial crisis could impact private foreign direct investment flows into Africa," she said, noting that the US intention to raise about $1.6 billion private capital flows through the Overseas Private Investment Corporation could be affected.