Wednesday, September 4, 2013

Norway gives $4.9 milion to AfDB to help break ‘resource curse’

Reuters: Norway has agreed to give $4.9 million to the African Development Bank (AfDB) to help African governments negotiate "fair and balanced" deals with oil, gas and mining companies operating on the continent, the bank said on Monday.

The money will go to the African Legal Support Facility, a body set up by the AfDB to help African governments hammer out complex commercial deals.

“Norway is seeking to help turn Africa’s ‘resource curse’ into a ‘resource blessing’ by supporting the negotiation of better contract terms,” Norway’s minister of international development, Heikki Eidsvoll Holmas, said in a statement...

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