Algeria to host Africa summit on investment plan

ALGIERS, Mar 18 (Reuters) Algeria will host a summit of African leaders on Wednesday to assess progress made by an African Union-backed plan to attract more foreign investment to the continent, the government said.

The meeting of heads of state or government from about 20 countries will review the financing of big infrastructure projects under the New Partnership for Africa's Development (NEPAD), Minister for Maghreb and African Affairs Abdelkader Messahel said in an interview with the official APS news agency yesterday.

The NEPAD initiative commits African leaders to promote democracy and good governance in return for increased Western investment, trade and debt relief.

NEPAD aims to promote major public works to boost trade among the continent's regions, which have long lacked effective pan-continental air, road, rail and energy connections.

''This meeting will be an opportunity to discuss the progress made on the implementation of NEPAD since its launch in 2001, and to give more coherence to the African move,'' Messahel said.

Participants will also discuss ways to boost partnership with wealthy nations such as the Group of Eight industrialised countries (G8), as well as the European Union, Japan, China, India and South America, Messahel said.

The AU succeeded the Organisation of African Unity (OAU) in 2002.

REUTERS SBA BST0805