U.S. Treasury Secretary O'Neill, U2's Bono, to See TechnoServe Initiatives

...in Ghana on May 21, 2002, During 10-Day Fact-Finding Trip to Africa

NORWALK, Conn., -- One of the first stops on U.S. Treasury Secretary Paul O'Neill's and Bono's 10-day fact finding trip to Africa will be in Accra, Ghana, on Tuesday, May 21, to meet TechnoServe staff based in Ghana, learn about TechnoServe's work to create economic growth in poor, rural areas of the country, and see farm-to-market demonstrations of TechnoServe's work with small-scale cashew growers and shea producers. (Shea nuts are processed to produce shea butter , a cocoa butter equivalent used in the food ingredient and confectionary markets. Shea also has excellent moisturizing properties and is increasingly popular in the cosmetics market.)

Background on TechnoServe: A U.S.-based non-profit development organization, headquartered in Norwalk, CT, founded in 1968 by CT businessman Edward P. Bullard IV. TechnoServe has worked in a total of 22 developing countries and currently works in El Salvador, Honduras, Nicaragua, Peru, Ghana, Kenya, Mozambique, South Africa, Tanzania and Uganda. TechnoServe devises and implements "Business Solutions to Rural Poverty," by helping entrepreneurs to build new businesses or expand existing businesses, with the immediate goal of creating jobs and income at the local/regional level and, over time, economic growth at the national level. We provide soup-to-nuts business advice and training for developing world entrepreneurs and businesses, research high-value opportunities, seek out niche markets, and help to create market linkages and access to financing.

TechnoServe in Ghana: TechnoServe's first country program, established in 1971, with 80 staff and eight offices in Accra, Wa, Bolgatanga, Tamale, Techiman, Kumasi, Kade and Cape Coast. TechnoServe is working with approximately 120 producer-groups, farmer-owned enterprises, startup and/or existing businesses in the following sectors: pineapple, cashew, palm oil, grains, legumes and shea, and is researching potential uses and markets for natural plant products.

TechnoServe in Africa and Latin America - New and Noteworthy:
-- Working to revitalize Mozambique's cashew industry. Once fully operational, the new TechnoServe-assisted Namige processing plant in Nampula Province, which will be officially launched on May 22, will provide a new market for 2,500 small-scale cashew growers and process up to 700 tons of raw cashew annually.
-- A lead organizer/sponsor of Nicaragua's first "Cup of Excellence," a countrywide coffee competition to highlight quality Nicaraguan coffees and boost prices paid to growers of quality coffee.
-- A lead organizer/sponsor of El Salvador's first countrywide business plan competition, "!Emprende Tu Idea,!" designed to identify and mentor entrepreneurs and jump start new businesses.
-- TechnoServe and Procter & Gamble alliance to find solutions and help small-scale coffee growers in Latin America during the current crisis of record-low world market prices.
-- TechnoServe's selection as one of "America's 100 Best Charities" by Worth Magazine in Dec. 2001.

TechnoServe's Web Site: http://www.technoserve.org (home) http://www.tns.org/africa/ghana-1.html (about Ghana) http://www.tns.org/TS2001AR.PDF (2001 Annual Report PDF file)

PLEASE CONTACT: Mara Neville or Laura Johnson at TechnoServe: 203-852-0377, mneville@tns.org,
ljohnson@tns.org Nick Kilsby or Jessica Carten at EKK PR: 203-406-8800, ext. 21 and 10,
nick@ekkpr.com,
Jessica@ekkpr.com