Treasury Secretary Robert E. Rubin will travel to Africa in July to advance President Clinton's Partnership for Economic Growth and Opportunity by addressing important financial sector issues. The Secretary plans to travel to Ivory Coast, South Africa, Mozambique and Kenya July 10-19.

Secretary Rubin has noted the United States' shared interest in African growth and development. "A growing, democratic and dynamic Africa providing higher standards of living for its people, and more political and social stability is very much in Africa's interest," Rubin said. "It is also very much in America's economic and national security interest. That is why we must now come together to meet our respective challenges."

During the trip, Secretary Rubin will seek to establish closer working relationships with several African countries working to reform their economies and learn more about problems confronting these reform efforts, particularly the obstacles to establishing more effective financial markets in Africa. In addition, the delegation will explore ways in which the international financial institutions, the Treasury Department and the private sector can assist in the development of financial markets and support more effective African regional integration. The Secretary will also discuss efforts to combat money laundering, encourage micro credit finance and improve economic governance.

To support the objectives of the mission, the delegation will include a limited number of executives from private U.S. financial institutions, such as representatives of money management firms, commercial banks and investment banks. We anticipate this group would engage representatives of African governments and the African private sector to consider ways the financial sector can support faster growth in Africa and stronger investment relations with the United States.

Private sector representatives interested in being considered for inclusion in this limited group should contact Sarah Fordney, Office of Business and Public Liaison at (202) 622-1660. Consideration of private sector representatives for this trip will begin Friday, June 5, and conclude Friday, June 12. Private sector representatives will be responsible for their own travel expenses.