The international Agency of independent development (IASD) announced that it will receive $ 2.5 billion for the development of the three African countries. In particular, the money will go to Finance the construction of pipeline length of about 1.3 thousand km in Niger, the development of transport infrastructure and Railways in Guinea and DR Congo. About IASD was announced yesterday at the first summit “Russia-Africa”.
Head of Supervisory Board of IASD has become an entrepreneur and the founder of the channel “Tsargrad” Konstantin Malofeyev, says RBC. The Agency’s challenge is to assist governments of developing countries, especially African countries, in the implementation of economic reforms, attraction of investments on international financial markets and the potential of increasing shareholder value of the largest corporations in the region.
Malofeyev has refused to disclose the sources of funds to Finance the announced projects, citing the specificity and responsibility the role of the IASD as a consultant. “These areas (transport infrastructure and energy)— key to Africa’s development, and in this case, [the contract IASD] we work in both directions”, — explained the owner of RBC.
According to Malafeev, in the near future the list of client countries IASD replenished: “we are in negotiations with other countries, the details of which, unfortunately, due to high volume of tasks before we can declare on the forum”. He added that considering the possibility of opening offices IASD in Africa, although no specific agreements on this issue had been reached.
IASD, according to the head of the Supervisory Board, is guided in the selection of clients by two principles. First, it is the ratio of debt to GDP, which should be low. Second, IASD prefers to work with States that are focused on the sovereign model of development. “It’s the countries whose leaders confidently look for their own prospects and are set to economic independence. Countries that lack such independence, totally dependent on the IMF,” — said the investor.
Speaking at the forum on October 23, Malofeev noted that “the enormous reserves of Africa are about almost $4 trillion, however, these funds are not used to African countries.” According to the head of the group “Constantinople”, African countries should reduce dependence on Western institutions and corporations to rely on their own investments, including by issuing government bonds and the creation of sovereign wealth funds.
© 2019, z-news.link. All rights reserved.