Angola joins investment-focused Lusophone Compact

By AT editor - 19 July 2019 at 6:18 am
Angola joins investment-focused Lusophone Compact

Angola is the latest of Africa’s Portuguese-speaking nations to sign on to the Lusophone Compact, which seeks to boost private-sector development in partnership with Portugal and the African Development Bank (AfDB).

The compact is an initiative that links the six Portuguese-speaking nations – Angola, Cabo Verde, Equatorial Guinea, Guinea-Bissau, Mozambique, and São Tomé and Príncipe – with each other and with Portugal.

“Unfortunately, (these nations) do not share borders, however, they are interlinked by a common language, history and culture, as well as ambition for socioeconomic development, which is a very strong asset,” said Mateus Magala, the AfDB vice president who chairs the project. “The Compact serves to strengthen this connection and promote a new dimension in promoting rapid and sustainable economic development.”

The agreement was signed during the Luanda International Fair, and welcomed by some 300 participants earlier this month.

The Lusophone Compact follows decisions made at the Africa Investment Forum in November, held in South Africa. There, the Lusophone nations announced more than US$5 billion in projects in AfDB partnership with Portugal and the Portuguese-speaking countries.

The AfDB said projects in the pipeline under the compact for Angola include agriculture, energy, fisheries and infrastructure. The AfDB will be working with the parties to advance their success.

AfDB president Akinwumi Adesina has said the project brings needed attention to countries that are home to 267 million Africans.

Image: AfDB

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