By Sainabou Sambou
The Ministry of Trade, Industry, Regional Integration and Employment has convened a high-level consultation workshop on the Fund for Development and Financing of ECOWAS Transport and Energy (FODETE).
The consultation forum was held at Sir Dawda Kairaba Jawara International Conference Centre in Bijilo on Monday.
The FODETE is regarded as feasible and innovative domestic resource mobilisation strategy for project investment which given the huge size of the regional infrastructure deficit.
Speaking at the event, Permanent Secretary at the Ministry of Finance and Economic Affairs, Mr Abdoulie Jallow said the national consultation on ECOWAS FODETE is meant to finance the development of regional infrastructure in the area of transport and energy.
He described it as a noble initiative that “will allow ECOWAS member States to create more investment in the energy sector which is designed to be fed from the levy on key export resources within the region.”
Kebba Faye, Acting Director, Project Preparation and Development Unit at ECOWAS, noted that ECOWAS has faced significant challenges in energy and transport, and that these are the key drivers for economic growth. “We are proposing a tax regime in which fund generated will be used to fund energy and the transport sector,” he disclosed.
During the 36th Session of the ECOWAS Heads of State and Government Summit, held in Abuja (Nigeria) on 22nd June, 2009, members endorsed the creation of the Fund for Development and Financing of ECOWAS Transport and Energy sectors and instructed the ECOWAS Commission in collaboration with the AfDB, EBID and PPDU to come with modalities for its set up and operations. The Fund will be dedicated to financing the development of regional infrastructure in the transport and energy sectors and is expected to be fed from a levy on the key export resources (agriculture, oil and gas, natural minerals and so on) within the region.