World Bank invests $290m in seven mineral governance projects in Africa

The World Bank says it has invested an amount of $290 million into mineral governance projects in seven African countries.

The projects are aimed at strengthening mineral governance systems on the continent which is rich in mineral resources and yet poor.

The top 40 mining companies in Africa are reported to have made net profits of about $110 billion in 2010 alone, and have a net asset base which exceeds $1trillion.

And , Jean Noel Francois, the Acting Director, Department of Trade and Industry at the African Union (AU) Commission has said, even though Africa’s mineral resources are fuelling growth and development in many industrialised and emerging economies of the world, Africa still remains poor, under-developed and dependent on donor assistance for national budget support.

Making a presentation at the ongoing second conference of African Ministers responsible for mineral resources and development in Addis Ababa, Ethiopia, Dr. Brigitte Bocoum of the Bank’s Sustainable Oil, Gas & Mining Division said African countries with minerals are characterised by poor governance and these projects are to strengthen capacity in mineral policy and governance.

The project currently ongoing in the following countries, Nigeria, Mauritania, Madagascar, Uganda, Tanzania, Mozambique and Malawi is building capacity at government level, government institutions and strengthening regulatory systems of these countries’ mining sector.

By Emmanuel K. Dogbevi in Addis Ababa, Ethiopia