East African countries' currencies. Concerned about the region’s
budgetary deficits and increasing dependency on inequitable bilateral
investment treaties with developed nations, civil society is advising
governments to forge joint projects to help cut reliance on the West.
PHOTO | NMG
Concerned about the region’s budgetary deficits and increasing
dependency on inequitable bilateral investment treaties with developed
nations, civil society is advising governments to forge joint projects
to help cut reliance on the West.
The Southern and
Eastern Africa Trade Information and Negotiations Institute
(Seatini)-Uganda, a Pan-African civil society organisation that brings
together institutional members from across the region, said EAC members
should find alternative ways to finance development projects rather than
depend on public-private partnerships and bilateral investment
treaties, which have cost the region dearly.
In
December last year, Seatini pushed Tanzania to terminate its bilateral
investment treaty with the Netherlands, saying it was unfavourable to
Dar, just days before it would automatically renew for a further 10
years.
Seatini incorporates Legal and Human Rights,
Haki Madini, Centre for Environment Science and Climate Resilient
Agriculture, Uganda Consortium on Corporate Accountability, Eco News
Africa and the East African Trade Union Confederation.
The
lobbies cite a host of litigations by investors that have cost states
billions of dollars and called for a change of tack in financing.
“Despite
public-private partnerships being viewed as a more efficient form of
public investment, if not well designed, they can cost the host country
almost double the amount they would have otherwise incurred if the
investment contract was directly awarded to the public sector,” the
statement said.
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