|Financing the South Centre
by Ambassador Daudi N. Mwakawago
In the last issue of the Journal of the Group of 77, I wrote a short article on supporting and consolidating the South Centre. Following some enquiries regarding more precise information about the situation of the Centre's Capital Fund, I felt that it would be useful to reproduce the list of contributions made so far as reported by the Geneva headquarters of the Centre.
From the table, it can be seen that a sizeable amount is already available in the Fund, estimated at around 8.2 million Swiss Francs. However, a considerable way remains before the target of $30 million is reached. Only at that time can the income from the investments be utilized. The fact that a relatively small number of countries have contributed so far gives hope that, with a positive response of those who have not contributed so far, the set target could be attained relatively soon and the Centre would become self-financing. Contributions to the Fund can also be made by non-state actors and individuals, and it is hoped that this kind of inflow will also increase in the period to come.
|Status of South Centre capital Fund
Contribution in Currency
|China, People's Republic of||USD. 500,000.00|
|South Africa||CHF. 944,600.00|
|Korea, Republic of||USD. 100,000.00|
|Arab Fund for Economic & Social Development||CHF. 161,147.00|
|Individual Donors||USD. 6,000.00|
|Malaysia Telekom||MYR. 10,000.00|
Approximate value in Swiss Francs in October 1997 of the total invested. (Total received and income on investments)
Contributions received in other currencies are converted to Swiss Francs at current rates immediately upon receipt and deposited in the Capital Fund. The total value in Swiss Francs of contributions was 7,698,847.35.