[2019-07-11] Angola signs Lusophone Compact with Portugal and African Development Bank

Source: Macauhub

The governments of Angola and Portugal and the African Development Bank (ADB) on Wednesday in Luanda signed the so-called Compact for Financing the Development of Portuguese-Speaking Countries in Africa (Lusophone Compact), the Angolan press reported.

The agreement, signed by the Minister of Economy and Planning, Pedro Luís da Fonseca, by the Secretary of State for Foreign Affairs and Cooperation of Portugal, Teresa Ribeiro and the vice-president of the ADB, Mateus Magala, will help in the development of the agricultural, energy, and tourism sectors, by providing extra financing.

Angola joins Mozambique and Cabo Verde by signing up for this financing programme to promote the economic and sustainable development of these countries.

The Lusophone Compact was signed between Portugal and the African Development Bank in November 2018 as part of a wide range of multilateral partnerships announced during the Africa Investment Forum in Johannesburg, South Africa.

Cabo Verde became the second Portuguese-speaking African country to sign the Memorandum of Understanding on the Lusophone Compact with Portugal and the African Development Bank.

On 12 March in Maputo the ADB, Mozambique and Portugal signed the Lusophone Mozambique Compact to support investment projects, the first country-specific one, which gives access to bank financing combined with guarantees from Portugal through development financing company Sofid.