Left Menu
Development News Edition

REFILE-Comoros seeks $4.6 bln in investment to climb out of poverty


REFILE-Comoros seeks $4.6 bln in investment to climb out of poverty
Image Credit: Wikimedia

Comoros' President Azali Assoumani said he is looking to raise 4.2 billion euros ($4.63 billion) at an investment conference this week as he seeks to consolidate political stability and improve the economy ahead of elections next year. The Indian ocean archipelago is one of the world's poorest countries, with a population of just 800,000 people who rely on the export of ylang ylang, a key ingredient for perfumes, vanilla and cloves - all of which are prone to price swings.

With a history of assassinations, mercenary invasions and some 20 coups or attempted rebellions since independence from France in 1975, Comoros has been known for its political instability - which many locals blame on continued interference by the French. Located between Mozambique and Madagascar, Comoros has been more stable in recent years, but Assoumani's re-election in March came amid allegations of vote-rigging following a referendum that enabled him to run for a second term and possibly longer.

"Comoros has lived through difficult times, but we've decided to turn the page," Assoumani told Reuters. Assoumani, a former army officer, whose first stint in power came after a coup in 1999, was speaking ahead of an international conference organized by the World Bank and the French government in Paris this week outlining an economic plan running to 2030.

The priority would be to attract investment in tourism as well as agriculture projects, transport and energy, he said. "We're aiming for 4.2 billion euros," Assoumani said.

"The country needs to move forward and this conference is to do that. I hope that even the opposition will benefit from this." He said potentially lucrative oil and gas opportunities would be opened up at a later stage.

Opposition parties have threatened to boycott next year's parliamentary elections unless they give guarantees on their transparency. Assoumani said the opposition had some legitimate grievances and that he hoped the conference would address some of their concerns. "We must reinforce stability. We need to keep our young people occupied," he said.

Having cut ties with Iran in 2016, Saudi Arabia has increased its investment in Comoros, providing $22 million to help finance water and road infrastructure works there, and Assoumani said he anticipated Gulf Arab countries would step up their support in Paris.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Beware! Maximum cyber criminals eye your personal data

A report of the World Economic Forum revealed that cyber security is increasingly becoming an issue of public security as the majority of cyber criminals are increasingly targetting individual internet users. This requires preventive measur...

WEF 2020: Trump seems politically correct in pulling out from Paris Agreement

If the survey of the World Economic Forum WEF is believed, Trump seems to enjoy the confidence of his people in flaying climate intuitions and climate activists. His preference for economic development over environmental protection not only...

From home to healthcare, here are Robotic innovations transforming lives

Lovot is equipped with more than 50 sensors such as thermography, microphone array, obstacle detection, and touch sensor to generate motion and emotions in real-time....

Translating words to deeds: Achieving gender parity in access to financial resources

... ...

Videos

Latest News

UPDATE 3-Bryant's helicopter too low for air traffic controllers to closely monitor in fog

The pilot of Kobe Bryants ill-fated helicopter was flying too low to be monitored in fog, audio records of conversations with air traffic controllers show. The fog, and how the pilot and air traffic controllers reacted to it, came under scr...

John Bolton: the flame-throwing aide now threatening Trump

Washington, Jan 28 AFP John Bolton has long been known as the bomb-thrower of US diplomacy, but the former White House national security advisor now threatens to blow a hole in President Donald Trumps impeachment defense. Fired last Septemb...

Heavy rains dampen fires in Australia's Queensland state, cause flooding

Australias bushfire-stricken state of Queensland saw heavy rainfalls on Sunday dampening some of the fires that have razed 2.5 million hectares 6.2 million acres of land since September, but the wet weather caused major flooding.Some areas ...

UPDATE 1-Soccer-Teenager Saka helps Arsenal into FA Cup fifth round

Arsenal teenager Bukayo Saka scored one goal and set up another as the Londoners sealed a place in the FA Cup fifth round with a 2-1 win over Bournemouth at the Vitality Stadium on Monday.Left-back Saka and striker Eddie Nketiah netted insi...

Give Feedback