Robert L. Johnson's The RLJ Companies Announces Formation of $30 Million Liberia Fund

Robert L. Johnson, majority owner of the NBA's Charlotte Bobcats, announced today the signing of a Memorandum of Understanding between the RLJ Companies (RLJ), the Overseas Private Investment Corporation (OPIC), the United States African Development Foundation (USADF) and CHF International (CHF) for the formation of a $30 million dollar RLJ Liberia Enterprise Development Fund (LEDF).

LEDF will provide capital investment and support to promote private enterprise and job creation critical to rebuilding social, political and economic foundations in Liberia.

This effort comes as a result of a declaration to renew historic links between the U.S. African American community and Liberia signed by prominent African-American executives Clarence Avant, Debra Lee, Rodney Slater, Chris Tucker, Ciceley Tyson, and Jeffrey Wright. The goal is to mobilize funds for health, education and agricultural programs in Liberia.

LEDF will implement its efforts through a newly formed Liberian non-bank financial institution managed locally by CHF. LEDF will also work with other local partners, including Wudarbo, Inc. to enhance the capacity of Liberian businesses, and anticipates drawing additional partners to support and invest in this effort.

The announcement will be made at the Liberia Private Sector Investment Forum in Washington, D.C. on Thursday, February 15, 2007. The forum is hosted by the Government of Liberia, OPIC, the International Finance Corporation, and the Corporate Council on Africa.

Mr. Johnson announced the creation of LEDF as a follow-up to his commitment to Her Excellency Ellen Johnson-Sirleaf, announced at the Clinton Global Initiative* in September 2006, in which he committed to facilitate direct capital investment for the benefit of the Liberian people and economy.

"Liberia has emerged from years of civil war with a democratically elected government which seeks to create the foundations for rebuilding the economy and the nation. LEDF will work to address the shortfall in capital and technical assistance needed to nurture economic and social recovery," said Johnson. "To this end, LEDF, through its local operations, will focus on making credit, equity, and technical business assistance available to local entrepreneurs and businesses."