01 October 2015 – Oil players active in some nascent African acreage can now help fight child malnutrition after four countries on the continent signed up to a scheme to divert some oil taxes to a United Nations, UN, fund.
Congo-Brazzaville, Guinea, Niger and Mali have agreed to put a portion of revenues from oil, gold, phosphate and uranium production into the Unicef fund, starting in 2017.
For every barrel of oil produced, $0.01 will go towards the Unitlife fund, with $0.60 per gram of gold also helping to battle child malnutrition.
It is hoped that the fund will eventually raise around $100 million a year.
UN Under-Secretary-General and special adviser on innovative financing and development Philippe Douste-Blazy is also hoping the scheme can eventually be extended to include the continent’s oil-producing powerhouses, such as Nigeria and Angola.
*Eoin O’Cinneide – Upstreamonline