On Wednesday, the United States demonstrated leadership on another crisis affecting Africa: HIV/AIDS. In 2003, my Administration launched a $15 billion Emergency Plan for AIDS relief, and that plan has supported treatment for more than one million people. This is a good start, but only a start. So I've asked Congress to double our initial commitment for HIV/AIDS prevention to $30 billion over the next five years. By making this commitment now, we will help deliver lifesaving treatment, prevent new infections, and support care for millions of people across Africa.
As we fight violence and disease, America is also using its influence to help struggling countries transform themselves into free and hopeful societies. And on Thursday, I announced three new initiatives that will help the developing world.
The first initiative is a new project called the Africa Financial Sector Initiative. This initiative will help bring African nations the technical assistance they need to strengthen their financial markets. And it will encourage the international financial community to create several new private equity funds that will mobilize up to $1 billion of new private investment in Africa. By taking these steps, we can help African entrepreneurs access capital, so they can grow their businesses and create jobs across the continent.
The second initiative is a new effort to help more of the world's poorest children get an education. In 2002, my Administration launched the Africa Education Initiative, which has provided about $300 million to improve educational opportunities throughout that continent. Now, with the support of Congress, we will devote an additional $525 million over the next five years to help provide a quality basic education for up to four million children in poor nations. With this initiative, we will help young people get the skills they need to succeed and a chance to achieve their dreams.
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