It provides risk mitigation, investment products, and technical assistance to accelerate private sector development in Lusophone African countries.
The African Development Bank and the governments of Cabo Verde and Portugal have signed a country-specific memorandum of understanding for the implementation of the Lusophone Compact, which aims to accelerate private sector development in Portuguese-speaking countries of Africa.
The signing took place on Sal Island on 1 July, between Olavo Correia, Vice Prime Minister and Minister of Finance of Cabo Verde, Helena de Paiva, Portugal’s Ambassador to Cabo Verde; and Moono Mupotola, the Bank’s Director for Regional Integration. It was witnessed by over 200 Cabo Verdean and international investors and lenders.
Correia described the occasion as “an important day for Cabo Verde,” noting that it demonstrated the country’s commitment to press forward with private sector growth, which is key for our country.
“We are confident that the Compact will assist us in diversifying and strengthening Cabo Verde’s economy in the coming years,” Correia added.
The Lusophone Compact is a financing platform, involving the African Development Bank, Portugal, and the six Portuguese-speaking countries of Africa (PALOPs): Angola, Cabo Verde, Equatorial …read more