AfDB President visits São Tomé and Príncipe

Akinwumi Adesina, was in São Tomé and Príncipe for a five-day official visit, the first of a President of the African Development Bank group to the country, where he announced that his institution will provide 21 million dollars (approximately 18 million euros).

The announcement was made at the end of a meeting with the Prime Minister of São Tomé and Príncipe, Patrice Trovoada, with whom he discussed projects and programs for sustainable development in the archipelago and commended the Government for its continued commitment to the implementation of macroeconomic and structural reforms to ensure stability and growth.

During the meeting AfDB's President said that São Tomé and Príncipe has a great potential and mentioned youth entrepreneurship, energy and how the country can be a services provider centre for all the sub-region as the priority sectors for the investment of his institution and has also expressed the Bank’s willingness to help the country to develop a blue economy strategy.

In another meeting with several Ministers and the Governor of the Central Bank, Hélio Silva Almeida, AfDB's President presented the Payment System Infrastructure and Financial Inclusion Project (SPAUT), also supported by Portugal.

The project aims at expanding financial inclusion on the island, making available 1,85 million euros, of which 345,6 thousand euros come from the Portuguese Trust Fund.

Adesina highlighted that this project will also enhance private-sector growth through easier financial management conditions for enterprises, especially small and medium-sized enterprises.

AfDB's President also held a meeting with the Head of State of São Tomé, Evaristo Carvalho, with the Minister of Finance, Trade and Blue Economy, the President of Príncipe's Regional Government and cooperation partners and visited several sites financed by the African Development Bank.

To date, the Bank supported the country in cumulative financing of US $195.20 million (166,8 milion euros) since 1978, and today there are six ongoing operations valued at US $35.38 million (30,2 milion euros).