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Yaounde hosts NEPAD regional meeting on extractive industry contract negotiations

The New Partnership for Africa’s Development, NEPAD, is holding in Yaounde, its third regional dialogue and training on contract negotiation…

The New Partnership for Africa’s Development, NEPAD, is holding in Yaounde, its third regional dialogue and training on contract negotiation and fiscal policies in the extractive industry.  The on-going three-day event was opened on May 27 by the secretary general at Cameroon’s Ministry of Mines, Industries and Technological Development.

The African Union development program brought together representatives of governments of over ten African states to brainstorm on ways African countries can sufficiently benefit from the exploitation of their subsoils.

Estherine Lisinge-Fotabong, Director of Programmes at NEPAD, said at the opening that the annual losses recorded in the extractive industries of some countries are huge enough to cover certain development programmes of the said countries.

Experts and trainers from Africa and beyond the continent are currently training government representative on technics and negotiation strategies as well as fiscal policies that could curb these losses, and yet keep the extractive industry investment friendly.

Some of the key issues under review in the dialogue and training forum include elements of fiscal regime design in the extractive industries; problems of tax avoidance and evasion, illicit financial flows, tax and fiscal governance; tax administration and collection management of extractive revenues.

The forum is organised in collaboration with the International Senior Lawyers Project and the CONNEX Support Unit set up in January this year by the German Federal Ministry for Economic Cooperation and Development. The CONNEX support unit was created to support governments of developing countries and transition countries in negotiating and renegotiating investment contracts.

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