22 May 2008 Getting a better deal for Africa | | Ministers from Tanzania, Sierra
Leone, Liberia and Mano River Union signing document |
Countries in sub-Saharan Africa are expected to secure better and more sustainable agreements when negotiating large-scale
investment contracts through a regional initiative led by UNDP and launched here today.
The regional initiative
for Capacity Development for Negotiation and Regulation of Investment Contract aims at strengthening the capacity of African
states to negotiate, manage and regulate large-scale investment contracts —particularly in the natural resources sector— as
well as boost their capacity for pro-poor natural resource revenue management.
Representatives from Guinea, Liberia,
Sierra Leone, Tanzania, the Mano River Union and UNDP’s Regional Bureau for Africa announced the project today, immediately
followed by technical discussions to ensure that the project responds to the actual needs of the participating countries and
that it is well coordinated with other partners.
The technical meeting and launch ceremony also attracted representatives
from regional and international organizations who have ongoing and/or planned capacity development initiatives in this area,
including the World Bank, the African Development Bank, the Revenue Watch Institute, the International Senior Lawyers Project
and the West African Resource Watch/Open Society Institute West Africa.
Current investment contracts are often
characterised by an imbalance between host African countries and investors resulting in suboptimal benefits to those countries,
as well as missed opportunities for integrating in the global supply chain at the most favourable terms.
The project
will aim to level the playing field by providing short-term international expertise to negotiations and reviews, as well as
strengthening the regulatory framework and developing capacity for countries to undertake complex negotiations themselves
to ensure sustainability in the long term.
There is also considerable room for improvement in the institutional
linkages between increased revenue flows from the investments and exploitation of the natural resources and pro-poor initiatives.
UNDP is keen to promote stronger linkages between expected increased revenue flows and financing of the MDGs in African countries.
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