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Gertler mining deals could cost Congo $1.76 bln in royalties: activists

Gertler mining deals could cost Congo $1.76 bln in royalties: activists

CONGO could lose out on $1.76 billion in potential royalty payments from its copper and cobalt mining deals with Israeli mining magnate Dan Gertler, an anti-corruption group said yesterday, calling on the government to open an investigation. The U.S. Treasury sanctioned Gertler and more than 30 of his businesses in December 2017 and June 2018, accusing him of leveraging his friendship with former Congo President Joseph Kabila to secure lucrative mining deals. Gertler has denied any wrongdoing. Using data including recently published contracts on the mining ministry website, the campaign group Congo is Not for Sale (CNPAV) estimated that deals…
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Sudan welcomes U.S. move to clear $1 bln in arrears to World Bank

Sudan welcomes U.S. move to clear $1 bln in arrears to World Bank

SUDAN's finance ministry has welcomed the U.S. Treasury's move to clear $1 billion in Sudanese arrears to the World Bank after its removal from Washington's list of terrorism sponsors. The move allows Sudan to access $1.5 billion annually in funds from the International Development Association (IDA), which is an arm of the World Bank. Sudan's presence on the list had cut it off from much-needed financial assistance and foreign investment in the midst of an economic crisis marked by shortages in wheat and fuel. Acting finance minister Heba Ahmed said on Monday that the U.S. Export-Import Bank would also provide…
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