Department of State Conference on the Economic Community of West African States - ECOWAS, Washington, DC - June 9 to 14, 1980. Scope, Purpose and Operation of the ECOWAS Fund,
DEPARTMENT OF STATE WASHINGTON DC
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The Economic Community of West African States ECOWAS, comprising Benin, Cape Verde, Gambia, Ghana, Guinea-Bissau, Ivory Coast, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone, Togo and Upper Volta was established in 1975. The Treaty of Lagos which brought into existence the Community provides in Article 50 for the establishment of the ECOWAS Fund. There are four Protocols which are annexed to the Treaty which define in greater detail in scope and functions of the Community institutions. The fourth of these Protocols deals extensively and exclusively with the Fund. Article 2 of this fourth Protocol outlines the purposes of the Fund which is a summary of what the Fund has been founded to achieve The objectives of the Fund under this Fourth Protocol are to a provide compensation and other forms of assistance to Member States which have suffered losses as a result of the application of the provisions of this Treaty b provide compensation to Member States which have suffered losses as a result of the location of Community enterprises c provide grants for financing national or community research and development activities d grant loans for feasibility studies and development projects in Member States e guarantee foreign investments made in Member States in respect of enterprises established in pursuance of the provision of the Treaty on the harmonization of industrial policies f provide means to facilitate the sustained mobilization of internal and external financial resources for the Member States and the Community and g promote development projects in the less developed Member States of the Community.
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