Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » AfDB allocates €1.2m to train policymakers in boosting mining revenues

    AfDB allocates €1.2m to train policymakers in boosting mining revenues

    January 15, 2020
    Share
    Facebook Twitter LinkedIn WhatsApp

    *First beneficiaries: Guinea, Liberia, Niger, Mali, Madagascar, South Sudan, Sierra Leone and Zimbabwe

    Abidjan, Côte d’Ivoire -– The African Development Bank has allocated a €1.2 million grant to provide training to help resource-rich countries improve their mining revenues.

    The Bank’s Regional Development, Integration and Business Delivery Complex approved the first-of its kind grant from the Transitional Support Facility for the project on Financial Modelling for the Extractive Sector (FIMES) in December. The project will be implemented in Africa’s transitional countries from 2020 to 2022.

    The FIMES project will train policymakers responsible for the extractive sector to realise greater returns from natural resource investments in their countries.

    The Bank’s African Natural Resources Centre (ANRC) will implement the pilot project in the eight beneficiary countries, namely Guinea, Liberia, Niger, Mali, Madagascar, South Sudan, Sierra Leone and Zimbabwe.

    “Africa’s transitional countries need to build state capacity to mobilise revenues from natural resource investments, to address reconstruction, infrastructure and socio-economic priorities. The FIMES project will equip transitional countries with the right skills and knowledge to enhance domestic resource mobilisation for accelerated growth and sustainable development,” said Vanessa Ushie, Manager of the Policy Analysis Division in the African Natural Resources Centre.

    “Given the strategic importance of natural resource revenues for building peace, stability, and resilience in transitional settings, the project is timely for the Bank and the beneficiary countries,” she added.

    African Development Bank research shows that many African governments do not extensively use financial models to inform investment decisions, or monitor revenue flows from extractive industry concessions, leading to significant revenue losses for the state.

    The FIMES project has been informed by the Bank’s Strategy for addressing fragility and building resilience, its Governance Strategic Framework and Action Plan, and Human Development Strategy. More broadly, the FIMES initiative will support the implementation of African countries’ natural resource development plans. It will further contribute to the achievement of the Bank’s High 5s, AU Agenda 2063 and the UN Sustainable Development Goals by boosting domestic resource mobilisation from Africa’s natural resource sector.

    Related News

    Gold steady near week high as markets brace for key US jobs data

    Ghana Gold Board reports $4bn in revenue from ASM sector

    Gold price rebounds amid economic and trade uncertainty

    E-book
    Resilience Exhibition

    Latest News

    Crude climbs on US jobs report, China talks

    June 6, 2025

    Be deliberate in securing govt facilities in your communities – IBAS

    June 6, 2025

    UAE’s power capacity to reach 79.1GW in 2035

    June 6, 2025

    Gold steady near week high as markets brace for key US jobs data

    June 6, 2025

    Nigeria’s renewable power capacity to reach 1.7GW in 2035

    June 6, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.