During a virtual establishment of the African Development Bank's Financial Modelling Project in the Extractive Sector(FIMES), it developed a project to regulate generated revenues from member countries extractive industries.
The three-year project was projected to render technical assistance to the members by the African Natural Resources Centre of the bank in Abidjan, Cote d’Ivoire.
FIMES in its report, will be implemented in eight transitional countries – Guinea, Liberia, Mali, Madagascar, Niger, Sierra Leone, South Sudan and Zimbabwe from 2020 to 2022.
The project objective is to improve domestic resource mobilisation from the extractive sectors.
Presenting the FIMES project by the Division Manager, Policy Analysis, Mrs Vanessa Ushie, said the project was first of its kind and aimed at the overall economic resilience of the continent.
“Twenty government officials in each beneficiary member country will participate in the training, learning and knowledge activities as national beneficiaries, that is, 180 officials in the eight countries.
“Set criteria for selection of beneficiaries in the national cohort include relevance to primary job function on extractive revenue management, knowledge of extractive sector fiscal issues’ potential multiplier effects (trainer-of-trainers approach) and IT proficiency.
“The project commits to at least 40 per cent of beneficiaries in the eight countries to be women.
“National Focal Point main coordinating actor in each beneficiary country must be nominated by the national government to play this role.’’