4 July 2012

Southern Africa: Finance, Investment Protocol Among Region's Main Achievements

Luanda — The signing of Finance and Investment protocol in 2006 by member States of the Southern Africa Development Community (SADC) region was the main gain of the community in the economic and financial field, said the deputy executive secretary of the regional organisation, João Caholo.

João Caholo underlined that the approval and signing of the document provided the legal basis that will allow SADC and each member country to mobilize financial resources at regional and domestic levels rather than relying solely on foreign aid.

SADC has been relying on donations from foreign institutions for its own development, but it is necessary to pursue other internal sources.

According to him, in no circumstances the other geopolitical regions of the world have based their development on other resources only.

"It is not wrong to get external support, but in no other circumstance the geopolitical regions of the globe have based their sustainable development on other resources. That is why the 2006 summit signed the Finance and Investment Protocol," he said.

Currently the main donors of SADC include African Development Bank (AfDB), European Union (EU), Germany and Great Britain.

The deputy executive secretary stressed that the assistances are free and normally do not exceed U.S.D 100 million.

The meeting of ministers of Finances of SADC, scheduled for Wednesday, was postponed for 13 August in Mozambique, due to the lack of quorum

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