From the Wires
The World Sports Alliance Intergovernmental Organization (WSA) will invest USD $200 Million in the Central African Republic (CAR) and create a USD $1 Billion Mining Development Fund.
By: PR Newswire
Jan. 3, 2013 11:49 PM
NEW YORK, Jan. 4, 2013 /PRNewswire/ -- The WSA announces a major bilateral agreement with CAR, in the sectors of Natural Resources Mining (NRM), Energy and Agricultural Bio-Fertilizers (ABF).
This global agreement, concluded in Bangui, Q4-2012, after a year of negotiations, thanks to its signing by H.E. President Francois BOZIZE, relates to the implementation of a Public-Private Partnership project in the sector of NRM (NRM-PPP), for the development and industrial operation of diamond and gold deposits in CAR, valued at USD $100 Billion, with a USD $10 Billion first phase, commencing in Q1-2013 which will lead to the establishment of a USD $1 Billion WSA-CAR Mining Development Fund.
This first phase, initiated in Q1-2013, will also enable an initial USD $200 Million investment, entirely financed by WSA's Commercial Capital Manager, Curtis Whitney Holdings, Inc. , for the implementation of a Municipal Waste Processing (MWP-PPP) project, generating 22.5 MW of electricity for Bangui and producing 9,000 MTons of ABFs annually. The MWP-PPP will also enable the deployment, within the framework of WSA's mission, of significant sports and community infrastructures and youth programs, valued around USD $60 Million, positively impacting the Country's social harmony, within a framework facilitating the achievement of the MDGs by CAR.
The NRM-PPP first phase will also enable the implementation of three other projects equivalent to the MWP-PPP. The CAR-WSA agreement will create about 3,000 permanent jobs, expected to positively impact the local economy.
WSA is an IGO (www.wsaigo.org) of 30 Member States. Its mission is to use Sports, Physical Education and Leisure (SPEL) as a catalyst to design and implement extracurricular Youth Training and Educational Programs and a network of WSA Youth Sports Community Centers, geared towards the achievement of the MDGs. WSA and its activities are self-funding and self-sustaining, such that no burden is imposed on Member States. WSA's financial model implements income-generating commercial activities, within PPP frameworks with WSA Member States, as is the case with the NRM-PPP, for the rational and equitable development and mining of its Member States' natural resources, which, in turn, enable the financing of other PPP projects in various sectors, such as waste management, energy, ABFs, telecommunications, etc.
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