AU adopts financing scheme for itís members

African Heads of State and Government have adopted a financing mechanism that will help the African Union fund its activities.

Rwandaís Minister of Finance and Economic Planning, Claver Gatete announced at a briefing in Kigali today that the African Leaders have agreed to slap a zero point 2 percent on all eligible imports.

Ambassador Gatete said the move will help the African Union -AU- generate more than one point 2 billion US dollars per annum starting in 2017.

He said the Heads of State have mandated Revenue Authorities across the continent to collect the monies which the member states will remit to the Commission on the index assessment basis.

Ambassador Gatete said the monies once collected will enable the Commission finance its activities by 100 percent, all projects by 75 percent and spend 25 percent on Peace and Security.

He however warned that the Union will punish defaulting members especially that the mechanism has been unanimously agreed upon by all the Heads of State.

Ambassador Gatete said the African Leaders are resolved to reduce dependence on donors funding African Unionís activities.

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