Tag world bank

World Bank’s Vice President for Africa, Diop: “Too often local populations suffer …the development neglect of extraction…

PARIS, October 5, 2012 - With new discoveries of oil, gas, and other minerals generating a wave of significant mineral wealth in African countries, the World Bank today launched a new fund to help countries on the continent level the playing field and ensure equitable deals in their natural resource contracts with international companies.

With Africa holding 15% of the world’s oil reserves, 40% of its gold, and about 80% of the platinum group of metals, natural resources represent important development opportunities for the continent. For example, oil production has been growing steadily in Africa, and is expected to continue to rise at an average rate of six percent per year for the foreseeable future.

If I had a million dollars…

Many of us could spend a few moments daydreaming about winning the lottery or finding a pot of gold at the end of a rainbow.  But in resource rich countries like Mozambique, the discovery of coal and natural gas, among other mineral resources, can place a Government within a tempest of rapidly evolving circumstances where decisions with regard to the legal, policy and fiscal regimes can mean the difference between sustainable development for all or battling the resource curse for decades to come.