Representative of African Exports Bank at UNCTAD Conference Affirms Importance of Enhancing African Oil Industry - Rawan For Media Artistic and Production
In
a paper he gave Wednesday at the UNCTAD Conference at the Friendship
Hall, Matrick said that Africa obtains a considerable rate of strategic
industries' inputs, including the mining sector, adding that these
resources were not utilized in socio-economic development.
He
said that the mining sector was not absorbed in the macro-economy as
around 500 foreign petroleum companies are operating in Africa against
six African companies only, adding that the foreign companies usually
transfer the revenues of their investments to their home countries.
The
paper has stressed the importance of adherence to the principle of
transparency in getting information about minerals in order to avoid
disputes, besides providing long and short-term finance for the local
institutions and enabling them to own the mining equipment.
Matrick
indicated that the African Exports Bank was established in the year
1993 via joint venture with international private sector institutions,
stating that the bank aims for enhancing the African trade by providing
finance for the African imports and exports and spare-parts for the oil
and gas industries.
He referred to a plan of the African Exports Bank to establish new branches in Abuja, Harare and Nairobi.
Representative
of the African Exports Bank, Kodak Matrick, currently participating at
the Conference of the UN Conference for Trade and Development (UNCTAD)
in Khartoum, has asserted the importance of development of the oil
industries sector in Africa to bring about transformation, reducing
poverty and facing the hegemony of the multinational companies.
of the African Exports Bank, Kodak Matrick, currently participating at
the Conference of the UN Conference for Trade and Development (UNCTAD)
in Khartoum, has asserted the importance of development of the oil
industries sector in Africa to bring about transformation, reducing
poverty and facing the hegemony of the multinational companies.
In
a paper he gave Wednesday at the UNCTAD Conference at the Friendship
Hall, Matrick said that Africa obtains a considerable rate of strategic
industries' inputs, including the mining sector, adding that these
resources were not utilized in socio-economic development.
He
said that the mining sector was not absorbed in the macro-economy as
around 500 foreign petroleum companies are operating in Africa against
six African companies only, adding that the foreign companies usually
transfer the revenues of their investments to their home countries.
The
paper has stressed the importance of adherence to the principle of
transparency in getting information about minerals in order to avoid
disputes, besides providing long and short-term finance for the local
institutions and enabling them to own the mining equipment.
Matrick
indicated that the African Exports Bank was established in the year
1993 via joint venture with international private sector institutions,
stating that the bank aims for enhancing the African trade by providing
finance for the African imports and exports and spare-parts for the oil
and gas industries.
He referred to a plan of the African Exports Bank to establish new branches in Abuja, Harare and Nairobi.
By : Suna
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