The African Development Bank and the Community of Portuguese Language Countries (CPLP) yesterday signed a declaration to support the ‘Development Finance Compact for the Lusophone Countries of Africa’.
Dr. Akinwumi Adesina, President of the AfDB and Maria do Carmo Silveira, Executive Secretary of CLPL, signed the agreement on the sidelines of the 12th Summit of Heads of State and Government of the CPLP in Santa Maria on the Island of Sal, Cabo Verde.
“Great opportunities exist to build on the long historical, linguistic and cultural ties between these countries, and with Brazil and Portugal, to shape economic partnerships that can accelerate economic growth, boost private sector development and assure faster-paced economic transformation,” said Adesina during the summit’s plenary session.
The compact will strengthen the role of the private sector in advancing sustainable and inclusive development in Portuguese-speaking African countries (PALOPs).
One of its main goals is to attract investments to help Lusophone African countries add value to local commodities and natural resources, drive industrialization, create jobs, and enhance sustainable growth.
Home to 267 million people located across the globe, Lusophone countries possess vast reserves of oil and gas, agriculture, tourism and marine resources for the blue economy. Together they form the fourth-largest producer of oil in the world.
