Explain the meaning and uses of ECOWAS Funds for co­operation, compensation and development.

The Fund for co-operation, compensation and
development is one
of the agencies of ECOWAS set up for the maintenance of member states. It
is headed by a managing Director, who is appointed by the council of ministers. The
headquarters of this fund is Lome Togo. 

USES OF ECOWAS FUND

  1. COMPENSATION:- The fund provides
    compensation to members which sustain loses in the process of the application of the ECOWAS treaty and that of free trade or trade liberalization
    policy. 
  2. DEVELOPMENTPROJECTS: The fund is to
    promote development projects in member states of the community which are Jess development.
  3. FOREIGN
    INVESTMENTS:
    To guarantee foreign
    investments proposed by member states, in line with established standard and to
    promote the harmonization of industrial policies.
  4.  MOBILIZATION: To come
    up with a defined means of facilitating mobilization of
    internal and external resources for development in member states.
  5.  EFFECTS OF LOCATING PROJECTS: To reduce the pain
    and losses as a result of the location of projects of the community in any member state.

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