ChevronTexaco Corp., the United States Agency for International Development (USAID), and the United Nations Development Programme (UNDP), in cooperation with the Government of Angola, announced the signing of memoranda of understanding (MOU) for the formation of two public-private partnerships as part of a $50 million overall initiative to support education, training, and small business development in Angola. The MOU's provide the framework for the partnerships that have the common goal of promoting sustainable economic and social growth in Angola.
Under the terms of the MOU between ChevronTexaco and USAID, this Enterprise Development Alliance will provide technical assistance and financial support to small enterprises in Angola with an emphasis on the agricultural and water sectors. In addition, this alliance will be structured to support education and training projects. ChevronTexaco and USAID will provide matching funds to support the alliance. The alliance will be open to other participants and an initial funding commitment of $20 million has been made.
The MOU signed by ChevronTexaco and UNDP will create a new privately managed Angola Enterprise fund which will be structured to also attract other private and public donors. The program, to be managed by the UNDP, will focus on vocational training and job creation for small and medium sized businesses in Angola. Matching funding commitments to this partnership are currently targeted at $10 million.