Exploiting natural resources for financing infrastructure development: policy options for Africa

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POLICY Of"TiOHS fORAFNCA

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Aliica'i^cwmIl inholructu~dcr"i1 is aPIlIpdl&Ilalge10 ...lodinlJthe cootinenl'lpotftltial for ecooorrUc _res~_, Addreosinj thisdeficit mu!l be priofm nd for purlUlfII....In·Kdon1

gro~ The: Afn<.:an MinioJl Vision (AMY) put farwllJd by the Arne., Union Commi..im (AUC) ha>called fur • Rcooun:e-ballOd Africaq Industriali2:alior> and De<lelopmmt SIral<'1D' (RAIDS) ⁱⁿ ligh' of thocurrenlUP. willi inpri~'1!lI ofthe oootillem'lcommodities.Thil repon

dlm:fuI"e u plcnl how mining iIlv"'tmentcan beused todevelop pllrtn<'nhifl/l in the f\lllOl)C"ing of0Q0II0fIlic:iIlfrasll'lJC!lln,tohelpnarrowlIIecunmtdefidt-

Due: 10 the: -.llOditi<:l IUpe.cyde, tho Afnc:an

rnlnio&

industry e" hib ited exoeplioDal perfortnInce in2010,CaNdian,A ...lnlian andEouvpesn firmscull'llnlly dominatelIM: incIusuy,

",bile Chinese fll1lllltr piningOOD>iderllhle InCIioIllhrougb

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peDfICld ilI\'CSlD1COlSand thelICquisitK>115 ofinamt>enl WClOtem firtr4, l'Bnic:ipation in in&a~ by western mm'!l8 flrl!li isIimnoo 10locialdevelopmentprogranvneswIIiJe!halofChinevc fum. i. asllOCialedwith luger"",Ieinfru!ruct"",to facililall1grneofieldoperatioos.

Aliica'.infrutructun:nccdr.I t rvost.Thc:....,of . developmentconi<b(DC)appnlICbtIuou.g.h mi:nillB spatial de-otillflwml initiatives(SOli)is dileuRoo as a pragnWie approK!110prioritiziIla

lll~PCeds . . 11potenti&ISDIs..., Pf"al~MininB requUUlt11lS fur _ill~

ha"" the eapoocicy toiii""," iu collateral ... 10enco<nge linbp lOr hroad-hascd ClCOl"",oic growth, H<tWCWf. privile _ inV<llvemcnt in AfrieI'. infrutruc~ i, minil!lll and eoncenttated in telecommunicationsandcnefi)'.Thi,il largely amibllloo to the rilib usociated with long plybacl periodsand lbeinabilicy 10senenle requisitecashflo"".

The l!lljof^1IOUi'USof,...".icf...,.,.,forinfruauctu...inchlde ODA ^fromOECD0(JUDlriet;Noo·

m:co fuDdinB ^fromChil\a, Indiaand ..v.b s11IC1; mel0Iherpublic ~ ~llw:

iIobal

liIlIllcialcmis,

sllItlina

OECD prioritM:i Mel COIIditioasIIlIIcl>ed10 f . -inB limit the pool and

ICOpC of fW><IoI availAble to Africao QOI.mIricl. Noo-OECD IOUrCft of fllllllCe bave IJI'O"'II

gomidCl1lbly, _ lIOlIbIy from China. WithIna RAIDS,ChinlI', Rnour\:e f", lnfno>lrUCtW'C (R4l) .wapl ... g.ining prominence, with hngcrinB eonoem. IIOUIId performance, debe and ('Ilvi""""""llllsultainahiliry,Othersource. (Ifpublic financesuchIS domellielUId internalional capital marl<et$ .... limito:l in their polential to Illite eapillil due to counlry rilll premiUJlll, Wldcrdevelcpedlocalfinancialm&ri.etsandpoortax Idminilllntion.

Dnf>ite theIe Iimit>olion&. il II i~lba'Ame.n p"'"m"••" addre&a

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inftallruelwe

<lelkil. Uoing mlneralo .. !heont'efor infrastructure developmcnlplanning willsimullanc:ously ro-opt privateparticipelioo...enee 1IOIock\be major~of public:finance.GoV'elnrnt'nlS rnl>ll then:f"",uodertakelICopln. snxlicsfortbe proposedrepon;d SOls IUdincotpomcthornin theirnational development pllUli.They mustenhlu'M;e intcm.sl caJIBCitieilOIlIlIlegicallyengqc mininB cotpOl"alion.in putnorshipsfurinfraauueture finilIlce;wirhnewloveOlOrli or C h _ R41

<kahapproached for new projects and exi&ting invellOtS,for mainterwlce lindexpamioo. For other IOUJCCI of fw>din&, theelllblishmc:nt or Iqion&l in/T&sQuc1lln! hulb, IIO.-ereigo "'ealtb fundiand III AfricaImutllld ltQuannIecA~mcyAlGA _ stnltlg/y'""",lilldided.pm! of effom 10dismanllecour.ay risk. Fin&l Iy,goveJmnI:l:ltamusl: implement

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^prognnuncs¹⁰^deoepell^aeee.^to^capilal^mattets.

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....-iJy.Cbm-wil/l odoq pohciet ODd iMlitulinnt.l~. illpla<1o.dw:~...

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;,,~(.~tbcDlltcbJi_ond in""'inlin_~fof_-*"')

_ id<mtilied - .. . '"funbcrwnlloaJt·..KIo linlulll<'devel<op"""'l.f'"rumple."_

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k>lAb vievt or inCroouucturc ....ckopm<nt pnonUM (FOIlCt, 2008),

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di!I<:U.tioo 1O<voa""~jci>lfi"ao.-nn ...I I _ . UUIIpOl'Iw _ .Theapproodo ioIboo _ _~"".... _ poni<ipoQoa.ia public irIl'ruMo:1ure . " , _ iII ...,_ The

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ill be f<Ul p>WI...t.tlidI!heI"0hiOliDald.iIIrr..ltI><lIftinveoImeftt"'inbedilcllll&Od. Thi' ;,.DOl 10 iq>Iy lbot IO<i&!la!r&o...,i, nol impon&rJI bu~ "'ilb'" lhe...' ofminingi D _

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OOd ..i1II ll>eil' ~.

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Z . AfrIca 's inf r.utructu", d l"" l" lopm...nt and mlnln ll

The ;rnpo<tlIIICe of infru <n>cture ~olopm"'l ... "'" key lnpedioll' in _A~'• ....-wi<

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00 . - end.

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o

Goela (IolOC..)...leiUlililoaand

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potlieipatiM in

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1"OIlu<>odpooductiocIODd~...

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Table I .110....""' ... ofAfriel " influlnlclure.. While lIJorcba.~beeo """"" ~k>pmemo

(pani<ularly ill 11110

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ionproo,edgroWIII_~iI10

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on.

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AIl51nli... c"nodjon itm:s__~ II;> beview«! U I ... increuinw!y inA_ill

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to

Am.:., Sout!> Afncorl in_... ~ fonnidIble

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f;OQIidenble <qUi!)' pMicipalion &om in_1OfUII 1II"0C0I<m. Canadian .nd A hlll

~... repreocnl flfltll&om tbcWeslWI'" the1"'1,,"1 p"",Aliican mininaIOOIpf'inI deapll<! I few maj.. lI1IO....uOl1f; (rom tbe EUoul otripping fbc propomoo ofIhcir ;a' 10,"",1> While Canodi.ao ~... . -ive• &it _ of ~ I\IllPOI'I ill facil... inve:lOiW4l\,

Auanl; 'ClIfIIPMia(lfIlkOl!lerbonddo0011'OeOi"".1I'IIdlSlIppor!bill""' belD, eounod by IhcUJO"'UTIfDC'IfIII;>fKihla..tho revMl ofAlISfII1i..AAiCl ..,1.li,... IlId pmvisiDfl0( _ ill

",l'ru1nJCfUl'e .id, The: EU, l11e U.K. the U.S and hpaD lie re-lauvel>' puai"" ia lenni ~

,eopoliticaleffOfl:ilO""llIIll" AfnoIond!'Icililll<!miain, invCl-UJleGl.The:ElJand lk UK!Lo...., hlaoricaIly bceo IIIIjfIr ;nVeSIOn; iD !be

rninina _

^buI llIe;, ~;pal"'" hal ~

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y lOtileJuoionfromAutfflliaud Canada.

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