In a notification letter dated January 26 2011, Eritrea’s Finance Minister stated “aid only postpones the basic solutions to crucial development problems by tentatively ameliorating their manifestations without tackling their root causes. The structural, political, economic, etc. damage that it inflicts upon recipient countries is also enormous.” In other words, the government argues, U.N. aid does more harm than good.
The ambassador of Eritrea to the Republic of Kenya, Salih Omar Abdu, has been appointed as a permanent representative to The Common Market of Eastern and Southern Africa (COMESA). Secretary of COMESA General Ngwenya congratulated the first ever appointed Eritrean permanent representative and acknowledged Eritrea as an active Member State of COMESA.
Regarding the COMESA Programme on Trade facilitation, Mr Ngwenya pointed out that Eritrea has fully implemented the Yellow Card Scheme, adding that Eritrea realized a high performance of 75% in regards to the implementation of road transport facilitation programmes, and actively participates in the Food and Agricultural Marketing Information System (FAMIS).
Although Eritrea has thus far reduced tariff on COMESA originating goods by 80 per cent, Ambassador Salih Omar Abdu stated that his appointment is a sign of Eritrea’s commitment to the implementation of the COMESA agenda in its entirety.
Rome, 14 September 2010 – The International Fund for Agricultural Development (IFAD) is supporting a grant in Eritrea with the goal of raising production and productivity in the fisheries sector, while conserving fish stocks and the marine ecosystem.
This grant agreement for the Fisheries Development Project of US$12.6 million was signed today at IFAD headquarters in Rome by Zemede Tekle Woldetatios, Ambassador of Eritrea and Kanayo F. Nwanze, President of IFAD.
IFAD’s supported project aims to strengthen the artisanal fisheries sector and ensure sustainable resource management, this will contribute to reducing poverty by increasing the fishery sector’s contribution to the national economy, as well as improving food security in the region.
SOURCE: THE INTERNATIONAL FUND FOR AGRICULTURAL DEVELOPMENT (IFAD)
Sunridge Gold Corp. is pleased to announce assay results for the first four diamond drill holes from the 2009 drill program at the 100% owned Debarwa high-grade copper-gold-zinc volcanogenic massive sulphide (VMS) deposit in Asmara, Eritrea. To date, thirty-five holes have been completed with the objective of expanding the supergene and primary zones. Further assays will be released as available.
After a field visit to Eritrea the stock analyst Mark Smith from GMP securities Europe upgraded the 12 month target for the Nevsun stock to C$3.60, from earlier C$3.00 with a recommendation to BUY. The motive is said to be a lowered discount rate to 15% from 20% on the basis of the current view of political and development risk. In addition, the project is 38% complete and expected due for first gold pour in Q3-2010.
Th current price of the stock is C$2.67. That gives you a healthy 35% profit if the stock would develop accordingly to the analyst.
The first commercial production is due to begin in the third quarter of next year when the Bisha mine opens on a site in western Eritrea that contains nearly 1m ounces of gold, said Alem Kibreab, director-general of mines at the Ministry of Energy and Mines.
Bisha is being developed by Nevsun Resources, a junior mining company listed in Toronto, which has a 60 per cent stake in the project. The remaining 40 per cent is held by Eritrea’s state-owned mining company. Beneath its layer of gold the site has about 700m pounds of copper and 1bn pounds of zinc.
Eritrea is “highly prospective ground”, said Kevin Tomlinson, managing director of the mining practice at Thomas Weisel, an investment bank. “It’s in a very prolific geological corridor that runs from Egypt along the Red Sea, down through Sudan to Eritrea, and then to Somalia and the northern tip of Madagascar. That’s where a lot of the pharaohs’ gold came from,” he said.