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Bob Geldof's Africa Relief Fund Raises Millions

August 30th, 2011 4:30pm EDT

Bob GeldofBob Geldof has helped raise almost $200 million for relief efforts in Africa through a private equity fund. 

The former Boomtown Rats frontman, who famously helped to organise concert extravaganza Live Aid in 1985 to raise money for famine relief in Ethiopia, fronts a fund for the country called 8 Miles, which deploys money to those in need. 

It is now nearing its close, and new figures show it has raised almost $200 million since its inception - and Geldof hopes Africa's trading industry will be given a boost from the cash. 

He tells Reuters, "Currently 80 per cent of exports from Africa are unprocessed raw materials. There's your opportunity: they need manufacturing." 

"We need their brains and their muscle power, because we're growing older. They are connected (to the global economy) now and cannot be disconnected."  

 

 

Bob Geldof

Photo Credits: PR Photos